TIP OF THE WEEK
for the week of March 1, 2010
18 BEST WORDS OF ADVICE FOR NEW LANDLORDS!I am back totally renewed from our 20th Annual MrLandlord.com Cruise Conference. Sooo much information and management strategies were revealed, discussed and brainstomed during that awesome 7 day training event. We had rental owners and real estate investors with up to 50 years of landlording experience who joined us. I will be sharing a lot of powerful concepts in these Updates with you over the next couple of months that were inspired during the conference. Make sure you are receiving my free Rental Owner Updates. For now, I want to share with you 18 of the Best words of advice offered to New Landlords that were communicated by rental owners who joined us on the recent Landlord Cruise Conference and who have learned from the school of hard knocks. 1. Treat landlording as a business and develop a system and set of written procedures for all steps in your rental process. 2. Get a good state-specific lease and be sure your lease is clear regarding all expectations you have for your residents' responsibilities. (Many leases make too many assumptions of what is to be expected). State-specific leases are available on this website. 3. Believe in yourself, but do not believe anything put on the rental application. Verify it all. 4. Thoroughly screen your applicants. Along with running credit checks, be sure to check eviction records and possible criminal background on all applicants. Low cost online credit reports and eviction reports are available here. 5. Get the cooperation of your residents and start advertising and showing rentals BEFORE the lease is up. 6. Fill vacancies faster by reaching out and serving a "niche" target market. 7. Keep your relationship between you and your residents in a business-like manner and treat all residents with respect. 8. Conduct regular inspections of your properties. 9. Enforce your rules consistently and immediately. 10. Keep good records and document everything. 11. Utilize both craigslist.com and postlets.com to advertise your rentals. Both are free services. 12. Look for ways to reward your long-term residents even if in only small ways. 13. Join and participate in your local landlord association and visit MrLandlord.com to get continued support, education and encouragement from other landlords. Also seek out one or two mentors. 14. Become extremely familiar with the state landlord tenant laws where you own rental property. 15. Learn as much as you can about your local rental market and what other landlords and managers are charging, offering and doing. 16. Always look to expand your business network with other landlords, contractors, suppliers, professionals and community contacts. Network with individuals who are growing, progressive and honest. 17. Seek further training and education. Read landlording books like Landlording and the Landlord's Kit and go on a landlord cruise conference. 18. Don't give up! Don't let the small percentage of rental challenges take your focus off your big goals. Landlording is not a get rich quick scheme, but can generate long-term wealth when done correctly. If you have never joined us on one of our annual MrLandlord.com National Conventions, do all that you can to join us on the 9th Annual Convention. Click here to learn more about this awesome event.
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