Investment Property How to Be a Successful Landlord

Here are four things to keep in mind when entering into business as a landlord. If maintained conscientiously, these four tips will ensure that your relationships with tenants are healthy, that you receive payments on-time and in-full, and that you are protected legally and financially.

First, make sure you have a good written lease contract. There is no shortage of sample leasing contracts on the internet, so there is no reason not to have a good and thorough one. Having a written contract is essential for having both you and the tenant operating on the same page, for having documented evidence of the transaction, and for preventing minor misunderstandings from developing into major legal or financial hassles. Lawsuits and other official proceedings are always, always made simpler by having a good, clear contract to refer to.


It goes hand-in-hand with having a good lease contract, but it is a separate process and skill set: know the law. Research the state laws as they apply to you and tenancies in that state. Although it may feel like a waste of time and energy to be familiar with the law when you pay an attorney to do just that, it only takes one scenario when your knowledge of the law keeps you out of trouble to make it worth your while. No one wants to be in trouble with the law, but it is even worse to get yourself into trouble without realizing it.

Be firm. Although it's important to always be friendly and fair (how else would you attract and maintain tenants?), you can't allow yourself to be overrun and taken advantage of by your tenants. Demand on-time payments of the rent, and charge late fees if they don't. Make it very clear that failure to pay or mistreatment of property will result in immediate eviction. That being said, don't issue preferential treatment to anybody-give all your tenants the same treatment and living conditions.

Finally, be present, engaged, and visible. This means not only calling or emailing to check in, but actually showing up in person to see how things are or to simply say hello. Obviously, this becomes more of a challenge for landlords who manage several properties spread over a large geographic area, but make it a point to visit your properties and their tenants when you are nearby. Your tenants will recognize your engagement and commitment with respect and gratitude, and this will result in healthier relationships moving forward and an excellent reputation for you as a landlord.

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