Don’t rent to anyone without a full application proccess. This includes a credit report, verification of employment and verification of cash reserves if needed.
Don’t allow anyone to move in without a fully executed lease agreement. A new tenant must have a copy. Any disputes should be resolved by referring to the lease.
Don’t make any adjustments to the lease for the fussy tenant. If the tenant is reluctant to the terms of your agreement and the terms are legal, pass on the tenant. The lease is more important.
Don’t make any verbal agreements with the tenants. Everything must be in writing. Document, document, document.
Don’t fall down on your duties. Return calls immediately. Make repairs as required. Stay on top of your legal requirements regarding smoke detectors, carbon monoxide detectors, fire extinguishers and other safety issues. Do frequent safety checks. Are there cracks in the sidewalks? Are the safety railings secure?
Don’t lower the rent if the unit does not rent immediately. This will reduce the value of your property. Increase the perceived value by adding amenities. Continue polishing your unit. We even find that scraping the excess paint from around the windows makes a difference. Be detail oriented and view your property the way a prospective tenant would. A last resort would be giving a portion of rent free. For example, one free month with a 13 month lease.
Don’t let a tenant get behind on the rent. The eviction process takes time. I calculate the potential cost into the security deposit I charge. If a tenant is late and non responsive, I begin the process immediately. The longer you wait the more money you loose.
