Advice for New Landlords

What can new landlords learn from experienced property owners? A lot. We recently asked some of our seasoned landlords what advice they would give to new tenants. In no particular order, here are some of the responses:New

1. Learn the Fair Housing Law
This will affect the first things you do with your rental: how you advertise, screen, and select tenants. Any mistakes here could land you in serious legal trouble.

2. Memorize the eviction process
Getting a tenant evicted is not as simple as saying, “Move out now, please!” It’s actually a lot more complicated (and costly). Make sure you know what you’ll have to do, should the situation arise, so that you don’t waste a single day if the time comes. The longer a deadbeat tenant stays, the more money you can kiss goodbye.

3. Review your lease very carefully
A bad tenant can be really good at finding loopholes in lease agreements. They will figure out exactly what they can and can’t get away with, and use it to pull one over on you. Make sure nothing is left open to interpretation, and that every circumstance, which could make the agreement null and void, is spelled out in black and white.

Since 1988, ATS Inc has been a leading provider of tenant screening services for Landlords, Property Owners, Property Managers and Real Estate Professionals.