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 10 Steps to Becoming a Good Landlord: Summary
By: Darin "Sid" Cameron, CRS
Tue, Dec 5th, 2006 8:48 am

To wrap up the past week's series of blog posts on "10 Steps to Becoming a Good Landlord" I'd like to summarize that success or failure as a landlord begins and ends with selecting good tenants.

After that it's just like running a regular business.  There's market positioning and sales (setting rents, advertising and collecting deposits), knowing the laws of your industry (occupancy, tenant's rights), customer service (handling deposits), labor issues (inspections and maintenance) and collections (dealing with Non-Payments and Evictions).

Other Options to Know About

If you've read every post in this series, you might guess that being a landlord isn't for everyone.  However that doesn't mean you can’t still benefit from rental properties.  Hiring a professional property management company to deal with landlord issues for you is always another option.

The downside to this is you’re paying for the service and if your properties operate on slim margins it might be the difference between making and losing money in the short term until your mortgages are paid off or you're in a position to refinance your units and have lower payments.

Hiring property management also doesn't mean you can just invest your money and forget about your properties.  Good real estate investors still take the time to know what’s going on with their properties.  This includes reviewing and approving major work, inspecting units in person with their property managers to make sure they’re being maintained properly, and even retaining say in the rental process.

Bottom line is it’s easy for the property management company to prioritize your properties behind a larger investor or for repairs to go over time and budget when the decision maker isn't using “their money.”  If you don’t stay on top of your investments by auditing their work, eventually your profits can erode or your investments can depreciate in value.

Hope this helps.

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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