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Ten Tips for Being a Successful Landlord
1. Know the legislation and have ready access to an experienced professional.
2. Don't rent to anyone before you have thoroughly checked his or her personal and credit, references and background.
3. Get all the important terms of the tenancy in the rental agreement.
4. Establish a clear, fair system of collecting rent and dealing with repairs.
5. Conduct a comprehensive condition and inspection report at the very beginning of the tenancy.
6. Always remain on top of maintenance and repair needs. Make repairs when requested. Don't alienate good tenants.
7. Respect your tenants' privacy. Always give proper legal notice whenever you plan to enter the rental unit.
8. Carry substantial liability insurance.
9. Resolve disputes with tenants quickly. Meet personally and avoid arbitration wherever possible.
10. Don't hide from the tax man - unhappy tenants frequently report landlords for tax evasion.