PropertyManagementMaven: Landlord 10 Commandments!

Landlord 10 Commandments!

 

1.  Thou shalt not rent to friends or relatives.
This should be enhanced to include friends from church or co-workers.

2.  Thou shalt not show the unit until the property is rent-ready.
One of the BIGGEST problems tenants complain about is seeing a property while the landlord is in the midst of repairs and the repairs are not completed.

3.  Thou shalt not provide property keys without a signed lease and move-in monies in hand.
Landlords who don't have their paperwork in order BEFORE showing property often provide keys thinking they will have the paperwork completed later.

4.  Thou shalt not covet other landlord's employees or service personnel.
Before I provide a service person's name to someone, I get there permission and I KNOW they will get paid and treated RIGHT!

5.  Thou shalt not skip routine maintenance on my rental property.
If hauling a 2 story ladder to your rental property on the top of your new car is unappealing, have the gutters cleaned PROFESSIONALLY.

6.   Thou shalt not lower your tenant standards to rent your property.
Giving concessions is OK; however, lowing your standards is DOUBLE trouble.

7.    Thou shalt not NOT keep a set of keys to your property.
This is all too common.  At the cost of $2 per key, this is CHEAPER than dealing with a locksmith down the road.

8.    Thou shalt not allow residents to get behind on their rental payments.
Dealing with deliquent residents when you have an eviction court date seems to be easier than trying to connect with them over the phone.

9.  Thou shalt not NOT DOCUMENT the property condition when residents move in.
Many states do not require that landlords and tenants document the property condition at move-in, and they should.

10.  Thou shalt not NOT provide move-out cleaning instructions  to departing residents.

Tenants don't know what you expect and they forgot how CLEAN the unit was when they moved in.


 

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

Comments

I hope some landlords actually clip this out for future use.

Could save a lot of hassles down the road

Enjoy the day

Posted by Don MacLean Realtor franklinma-homesforsale (Simolari & MacLean REMAX EXECUTIVE REALTY) over 1 year ago

I hope some landlords actually clip this out for future use.

Could save a lot of hassles down the road

Enjoy the day

Posted by Don MacLean Realtor franklinma-homesforsale (Simolari & MacLean REMAX EXECUTIVE REALTY) over 1 year ago

These are commandments that every landlord MUST adhere to or suffer the consequences! Unfortunately, if these simple yet important rules are compromised, the chance of winning in court have just gone down the drain! Protect yourself. Protect your property!

Posted by Stephanie Reynolds East County San Diego Homes 619-838-4408 (Integrity First Financial Group, Inc. ) over 1 year ago

Wallace,
Awesome commandments, I will share this to a friend of mine that has plenty of rentral properties, take care,  

Posted by Aurora, CO Homes for Sale in Aurora, Colorado - Ray Saenz (United Property Brokers, Inc) over 1 year ago

Wallace, Excellent rules for the landlords.  Personally, I'm not up for the headaches involved!

Posted by Liz and Bill Spear RE/MAX Elite Warren County Ohio: Cincinnati to Dayton (513.265.3004 www.LizTour.com) over 1 year ago

Useful! Useful! Useful! Great post!

Posted by Will Nesbitt - condos, real estate in Alexandria, Arlington, Fairfax County (Will Nesbitt Realty LLC at Condo Alexandria) over 1 year ago

Wallace - 

Fabulous list!  As always, you are the leasing queen of VA!

All the best, Michelle

Posted by Michelle Francis Realtor Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty) over 1 year ago

Michelle * the LEASING and DANCING Queen, please!!!

Posted by Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) over 1 year ago

I liked the not NOT's !

Posted by Tracy Lee Parker, Broker (RE/MAX by The Lakes ) over 1 year ago

Thank you * I was going for the NOT emphasis!

Posted by Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) over 1 year ago

Love this list...especially number 1 (family/church members).  I recently opened (sort of) my company and am in the process of hiring a bookkeeper.  I only wanted to take a handful so I could properly take care of each client.  Business has since expanded and I'm praying a new hire will be free up some time.

Posted by Latonia Parks (Top Bragg Realty, Fayetteville NC, Home of the 82d ABN DIV) over 1 year ago

Very funny but sadly true !!! We have several rentals !!!!!!!!!*L*

Posted by Celesta Funk (Keller Williams Homes & Land Realty) 12 months ago

This blog does not allow anonymous comments