Real Estate Articles

2020-12-01 Advice For New Landlords | By: Jeff Taylor

ADVICE FOR NEW LANDLORDS
Jeff Taylor, Mr. Landlord

A brand new landlord (less than one year active) wrote the following seeking sage advice: "This will be my first time being a landlord. I am looking for any any suggestions, tips, or tricks for a new landlord."

And boy did he get valuable hard-learned responses from several landlords sharing from the mistakes they have made over the years. Here is just a couple of words of wisdom offered by one successful landlord:

If you have any friends that are landlords...Call 'em and ask for the top five tips. I'd say mine are:
1. Advertise the rental home until it is actually rented. Tip: it's not rented until you have a signed lease, deposit, the first months rent, and utilities in their name.
2. Expect to communicate with a ton of prospects in order to show it to a few, in order to rent the home to one.
3. Ask about pets, past evictions, why they are moving, and for references. Then assume they are lying, and double check all the information given.
4. Try to get market rent. Call around, look around, do an internet search to make a judgment on what your market rent should be.
5. Follow up after move-in to ensure that the rules are followed. - Ned, Alabama Landlord

That is advice from just one of many landlords who shared tips that have saved them a ton of frustrations and money over the years. If you are a new landlord, do not go pass go, stop now and click to read more of the advice these rental owners are willing to share to help their fellow landlords. This priceless advice is especially essential during these challenging times even for landlords who have owned properties for a few years.

Agree or Disagree? Share your thoughts. We welcome your feedback or any landlording tip you would like to share. Email editor@MrLandlord.com. I also want to add that I am so appreciative of all the readers and website visitors who contribute to the MrLandlord forum and website. Far more than you know, you are indeed making a difference in the lives of thousands of rental property owners nationwide. And for that I say Thank you!

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