25 Jun Want To Be A Successful New Landlord? Run It Like A Business.
In order to be successful in the rental property business, you really do need to be prepared. Putting good systems and processes in place will give you the confidence to get started and also keep things running smoothly as you acquire and manage more properties. This business-like mindset is the key to success for a new landlord.
On that note, here are a few things you should have in place before you start looking for tenants:
- Rental property forms. Your basic collection of forms would include an application form, a lease, a walk through checklist and a landlord checklist. Keep them in a handy file on your laptop and print off as needed.
- A prepared ad to attract quality tenants. I advertise on a few rental websites when I’m looking for new tenants. I always keep the description along with many photos handy in a folder on my desktop. If a tenant gives me notice, I can have an ad placed immediately to start looking for someone new.
- A property information binder ready to go. There are a few items that you can personalize later when you find tenants but the bulk of the information can be prepared ahead of time. This includes thing like yard expectations, other house instructions you want to draw attention to and a move out check list. Once the information is stored on your computer, it’s easy to modify to create new binders for additional properties.
- A filing system. This will already have some items in it such as mortgage documents, legal documents and insurance information. You can add more sections as you go to include tenant information and other paperwork you receive relating to your rental. This is also easy to replicate as you buy more properties. (This may be getting a little dated now in 2019 when we scan most things and file away online but I’d venture to say there’s still a lot of paperwork with a buying and managing a rental property).
As I continued to manage my first property, I added a few more organizational items to keep things in order:
- A good accounting system. I use simple spreadsheets to monitor what is going in and out of the bank account every month along with all of my rental related expenses + receipts. Nowadays though, there will be a million apps to assist with this. If anyone wants to give me a recommendation on twitter or facebook, I will be happy to try it out.
- A list of reputable people or companies that can fix things. This list takes time to develop as you encounter certain problems that go beyond your own abilities. It’s a great list to have though and will become more valuable as you acquire more and more properties.
If you are just considering buying a rental property, I hope this list will help build your confidence to move forward. They’re fairly small steps to take, they’re easy to do and they set the stage for your future rental property empire.
To your success!
Are you interested in buying and managing your first rental property but don’t know where to begin? Check out my eBook on Amazon which brings all the information you will need to one place.
My Rental Property Coach