Master of the House

So, you want someone to rent your house? Tenants pick the landlord just like they pick the house. They want a landlord who is going to provide a clean, functioning home. As a landlord, you have rights and responsibilities. I actually consider myself a foremost expert on this topic. And, heaven knows I have made my share of mistakes. Here is what I have learned the hard way.

1. You, the landlord and owner of your home, are in charge. This is the essence of being an effective landlord. They are beholden to you. Don't forget this and, more importantly, don't let them forget this. You owe them a place to stay. They aren't doing you the favor. Your tenants don't have to like you, but they have to respect your role.

2. Treat the people who rent from you with dignity. Most people don't rent for tbe best of reasons. They may have come on hard times through divorce, death, a bad hand dealt by life or their own sheer stupidity. The fact of the matter is, most renters aren't doing it by choice. They, like everyone else, are working for their betterment.

3. Pay your bills. You have a contract with the bank. It is your obligation to pay your mortgage. I have sadly talked to four different families this weekend alone who are having to move because their landlords are in foreclosure. One of these tenants told me she will expect to see evidence the landlord is paying the mortgage before she agrees to sign a lease. Don't be a deadbeat, it makes all of us look bad.

4. A rental home is a business. Keep it that way. Do not invite your tenants over. Do not visit them socially. Things down the road might get ugly. And, it is easier to sort out the ugliness when there is little emotional attachment. If things don't get ugly and they move out, you can then invite them over for the summer barbecue.

5. If you give them a break, only do it to suite your purposes. And, if you give them a break, do it only once. Giving someone a break because you feel sorry for them will shift the dynamic of your relationship. You are in charge. Always.

6. Fix what is broken. Do it immediately. And, fix it correctly.

7. It is your responsibility to your community, neighbors and property values to find quality tenants.

8. When you find good tenants keep them happy. You want them to sign another lease; they want grass in the back yard. Do you want to spend two months with a vacant house? Good tenants are worth it.

9. Not everything a tenant wants should be done. I had a tenant who asked if they could rip out the carpet and install hardwood floors. No. If the renovation didn't go right, or they started but didn't finish the job, I was responsible in the long run. And, I certainly didn't want to pay for hardwoods in a blue-collar lower end home. Conversely, if I have fabulous tenants who want to stay four more years, would I consider hardwoods in that same house? You bet.

10. Abide by the four corners rule. If it is between the four corners of a piece of paper, it is legitimate. So, get it in writing. For example, if you say you will consider a rent reduction in exchange for them handling pool maintenance, write down exactly what you want them to do.

11. Bad tenants aren't worth the trouble. If they don't have the money for rent, invite them to leave. Don't mess with this. Get rid of them immediately. And, don't take their calls once you decide to do this. This isn't like a normal headache. This is like a knitting needle poking you in the eyeball. Move on and don't look back. I have learned is I always get better tenants each time I turn over a home.

12. Keep your word. Always.