Here are 10 of the best single lines of advice offered from several landlords nationwide:
1. “Only take advice from happy, wealthy landlords.”
2. “Screen, screen, screen!”
3. “The landlord is in charge, the tenant is not.”
4. “If you have to lower something, lower your rent, not your standards.”
5. “When showing properties, LISTEN very carefully, you will be surprised at what people will tell you and just screen themselves.”
6. “Learn to detach emotionally from business situations.”
7. “Have a good lease. Make sure your tenant understands and agrees to it. Then stick to it.”
8. “Sometimes it’s better to spend more money in the beginning; it can save you millions at the end. For example; getting qualified licensed contractors to do the work instead of a cheap handyman.”
9. “Always report the debt of a former resident to the credit bureaus.”
10. “This is a BUSINESS, NOT a hobby! Treat it as one.”
12 Tips to Reduce Chances of Becoming A Victim When Showing Property
As landlords, we must take precautions, stay alert and do not assume that prospective customers pose no threat. Here are tips to greatly reduce the chances that you will be a victim when showing a property.
1. Never show a house alone
2. In some areas crime goes up after 3pm, young punks get out of school and dead beats wake up. Try to schedule showings or work before 3pm if it is a rougher area.
3. Carry something for protection, for example key chain pepper spray or a taser (state lawsvary).
4. Put up signs so people know audio and video of the encounter are being recorded ( For deterrence purposes)
5. Self defense and situational awareness training.
6. Drive an older, junker car and do not wear expensive clothing.
7, Screen, screen, screen BEFORE ever meeting a potential resident. For example, searchthe internet and Facebook before you even meet someone.
8. Always present yourself as the “manager” not the owner. Managers are working stiffs, just like everyone else. Owners are rich targets to take out frustrations.
9. As much as possible, have the interaction outside on the front porch (in public view).
10. No one ever stands between you and the door / first floor window.
11. Displaying a physically fit image deters those who prey upon those they consider “weak”.
12. Only hold “open houses” with several prospective renters coming to the showing at the same time.
The above tips are shared by regular contributors to the popular MrLandlord.com Q&A forum, by real estate authors and by Jeffrey Taylor, [email protected] To receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their informative Q&A Forum at www.LandlordingAdvice.com where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.