When owning rental property for the cash flow and
appreciation, it is important to know the proper
way to run your business. ON Q Property
Management has some of the best 6
Do’s And Don’ts Of Landlording I’ve seen
6 Do’s Of Landlording
Knowing the Nebraska Fair Housing and tenant
laws could help you avoid unnecessary legal issues as you grow your investment
portfolio. As a new landlord, take note of these tips from those who’ve been
successful in the business.
1. Do Screen Tenants
– Before you enter into a lease agreement with a tenant, it’s important to learn all you can about them. At a minimum, you should know a prospective tenant’s rental history, whether they’ve been evicted and why, whether they pay their other bills and if they have a stable job history.
2. Do Make Policies and Stick to Them
– Your lease is going
to outline when the rent is due and the tenant’s general rights and
3. Do Outsource
– You will realize quickly
landlording isn’t easy. The good news is, you don’t have to do
everything on your own. Outsourcing the duties
you don’t enjoy will help keep you from getting overwhelmed and giving up
before you reach your goals.
Do Be Professional
– As a landlord, you
want your tenants to treat your property as they would their own. One of the
best ways to do this is to show them you take your business seriously.
5. Do Respect Tenant’s Privacy
– You know a lot about your tenants
because you did a background check prior to renting them a home. That
information needs to stay confidential. Before you release any information
about a tenant, get a signed release from them documenting the information you
6. Do Place Limits on Pets
– Pets are part of the family for many people. Essentially,
being pet-friendly can be an asset but being too pet-friendly could cost you a
lot of money. Instead, place limits on the type and size of pets you’ll allow.
6 Don’ts Of Landlording
You have a
screening process and clear policies in place to avoid unnecessary risks. In
addition to all the things that are important for you to do as a landlord,
there are several things you should avoid.
Don’t Rent to Family or Friends
Doing business with
family and friends rarely ends well.
Don’t Make Friends with Tenants
difference between being friendly and being friends. Being friendly will help
your tenants see you as a real person who deserves respect.
the Property in Your Own Name
– If you’re going to manage your own rental units, you
shouldn’t own them in your own name. Owning rental property in the name of a
corporation or LLC gives you the opportunity to claim you don’t have the
authority to make decisions and therefore need to ask someone else.
Don’t Chase Rent Checks
– If you screen your
tenants thoroughly, you should know whether they’re going to pay their rent on
time before they move in. Make your policy clear at lease signing and give
tenants more than one option to pay you.
Don’t Attempt to Do Repairs you
Aren’t Qualified to Do
– Having people you can call to
complete work quickly will help you look professional in the eyes of your
tenants and convince them they made the right decision to rent their housing
Don’t Invest all of your Time
– Being a landlord,
if you do it right, should result in positive cash flow. Use some of this extra
money to take time off and enjoy yourself. Your tenants aren’t going to miss
you if you take a week or two off in the middle of the month.
THe 6 Do’s And Don’ts Of Landlording
You are bound to
make mistakes as a landlord, you just don’t
want to make mistakes that will put you out of business
investors, we are in business to make a modest profit on any deal. However, we
can help homeowners out of just about any situation, no matter what!
There are no fees, upfront costs, commissions, or anything else.
We offer the simple truth about your home and how we can help you sell it
us a ring. We would love to help you understand the process and to answer all
of your questions. You can reach us at 402 999.0577.