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17 Ways to Kill a Landlord's Business

By
Real Estate Agent with Exit Exclusivie Realty
1. Do not rent to the first person with money. • Always check their credit, background, rental history and work history, • You are better off with an empty house than a bad tenant. • Be patient! 2. Do not rent to someone who is in needy or in a crisis. • Needy people will leach off of you. • People in crisis will suck you into their crisis. 3. Do not rent to anyone you know. • This includes: Friends, Family, Friends of family and Family of friends. 4. Do not become friends with your tenants. • Nothing personal, it’s just business. 5. Do not rent to nitpickers. • The nitpicking will never stop. 6. Do not put a tenant’s utilities in your name. • Eventually you will get stuck with the bill. 7. Do not be afraid to say NO! 8. Do not be a “pushover”. • Learn to be intimidating. 9. Do not rent to animal lovers with more than two pets • Before you know it your house will turn into a zoo. 10. Don’t rent to “landscapers”. • Seasonal changes will kill your curb appeal. 11. Do not put carpet in your rental properties. • Tile or Hardwood 12. Don’t forget to do inspections. It is your property/investment. • Do them every 3-4 months. 13. Don’t pick up the rent in person. • That is too time consuming and you are a business person. 14. Don’t rent a crappy house. • Crappy House = Crappy Tenants 15. Don’t be a Slum Lord. • Fix it right and quickly! 16. Don’t be cheap. • Spend a few extra bucks on products that “look” expensive and will last. 17. Do not make any exceptions to your rules. • Tenants won’t respect you. * Unlimited Rental insurance policies that cover loss of rent are available. Courtesy of Gordon Galey and revised by Pamela Lane-Wright.

Comments (7)

Martinelli Caputi
Martinelli Caputi & Associates, Ltd. - Warwick, RI
& Associates, Ltd.
I like #17 especially... Do not make any exceptions to your rules!!!   Thanks Pam1!!
Oct 21, 2007 04:20 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
I like 15 -- I can't believe some of the muti-families.  I think the city inspector must have his eyes closed!
Oct 21, 2007 04:34 PM
Donna Oehler
Realty Executives Platinum - Palmdale, CA
A.V. Foreclosure Specialist

All of these are good advice - if the "landlord" is not capable of following these directions himself - he should hire a property manager that can do it!

Oct 21, 2007 04:40 PM
Pamela Lane-Wright
Exit Exclusivie Realty - Memphis, TN
I share this list with all of my investors. It keeps me from getting phone calls in the middle of the night from tenants or buyers. Feel free to share it with your Investors.
Oct 21, 2007 04:42 PM
Chul KIM McGuire
CorpusTV.com - Corpus Christi, TX

Pamela,

What happens if a "Landlord" in your area is found dead? LOL.

Sounds like a CSI episode in the making!

CSI Headline: ActiveRain Realtor Blogger Suspect in Landlord DOA.

________________________________________________________ 

Just having fun with your blog title. These days I would never say or print anything that could be misconstrued of potential legal nature.

Cheers, KIM.

Oct 21, 2007 05:02 PM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
Good information. Thanks for sharing.
Oct 21, 2007 05:29 PM
Todd and Danielle Millar
Glenn Simon Inc. - Edmonton, AB
Nineteen years of excellence!

Pamela

Again a great post! You  obviously do a lot of investment properties. Thanks 

Oct 21, 2007 06:26 PM