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Tips For Becoming A Highly Successful Landlord

Treat your property just like it’s a business. Put your processes and systems in place, know your numbers, delegate what you are not great at and be very consistent. Understand the importance of charging market rate rents, but weigh that with the benefit of having a good long term tenant. Know Fair Housing Laws There are local, state and federal Fair Housing Laws be sure to know them all as it’s a very time consuming and expensive matter if you break one of these laws, even when it’s an accident.  Something as simple as having wrong/old wordage on a sign can get you in trouble. Provide a great place to call home Make the property desirable and put durable, reliable systems and appliances in the unit so you are not constantly fixing them.  Have the home clean and ready when the resident moves in and have the common areas kept up. Market your available properties to everyone Be sure you make a complete effort to get your available homes seen by everyone looking in your market place. If you have a website be sure all of your properties (including floor plans) are posted; utilize all forms of social networks including pushing out to groups; have a great referral system for your current residents as they can be your best resource and lastly be sure to utilize websites that allow you to post your available homes for free. Utilize a strong tenant screening platform This is a big one as your screen......
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Can You Spell E-V-I-C-T-I-O-N?

I am going into my thirteenth year in property management. Applause! Just kidding - no applause is necessary. : )  Over the years, the most difficult tasks for me have been conducting move out inspections and discerning any charges to be applied to the account and handling evictions. Both are necessary actions to be sure. I will tell you, I get a kick out of evictions a whole lot more than I do conducting move outs.   With evictions, it seems so cut-and-dried, even though to the Resident it may not seem that way. Obviously, I’m not an attorney so I can’t dispense legal advice, but somehow marching into the courtroom to face a Resident head-on is kind of exhilarating to me and gets the adrenaline rushing through the veins. I liken it almost to being a soldier going into battle, except I arm myself with a very experienced attorney instead of a gun.   In any event, my most recent eviction is being conducted, as I am now waiting on the Judge’s ruling. It got me thinking very seriously about how it had come to this anyway? The case seems simple. Did the Resident pay his rent? Um, not really. He submitted a check for the rent; however it did not clear the bank. So, no, he didn’t successfully fulfill his financial obligation. I thought I had completed my “due diligence” by leaving the actual rental decision based on information from a third party who screens the credit and criminal......
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