20 Steps to Successful Landlording

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20 Steps to Successful Landlording
[2014-05-13]

Being a successful landlord is very satisfying and can be very rewarding both financially and emotionally - after all you are providing a very worthwhile service to your tenants and the community as a whole!

 

1  Be clear about your Landlording Strategy - have a plan!

2  Do you Homework First - know the rules and regulations!

3  Develop your own Operating Philosophy!

Do your Research Thoroughly - know the local market!

5  Use a Comprehensive Application Form!

6  Screen Tenants VERY Carefully!

7  Always have a Written Agreement!

Deal Fairly with Security Deposits!

9  Keep the Rent Near Market Levels!

10  Use Bankers Standing Order Rent Payments!

11  Be Safety Conscious - you are responsible!

12  Bear in Mind the Discrimination Laws!

13  Have Adequate Insurance Cover!

14  Keep the Property in Good Repair!

15  Act Quickly if Problems Arise!

16  Watch Out for Harassment Claims - respect tenants privacy!

17  Security - Tenant and Landlord!

18  If you Use Agents, Select them Carefully!

19  Put Everything in Writing and Create an Audit Trail!

20 Avoid Expensive Litigation!



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