School is never out when you are a landlord. If you learn nothing else, learn this. You are never going to be savy enough that there isn’t more to learn.
I was a landlord in a university town for over 15 yrs. Here’s a few things I learned.
Make sure you are honest and direct about your expectations. If you don’t want them having big parties, late night noise, garbage issues, then say so, directly to them, in loud pear shaped tones, do not be discreet. Tell them you are just being honest, and if these things don’t mesh with their lifestyle then you’d encourage them to keep looking.
Make sure your leases are in english, plain english. I always asked anyone about to sign, have you read the lease? If not, I made them do it right then in front of me.
Never forget, the most pull you have over them is before you’ve agreed to rent to them. Spell out the rules governing garbage management, bike storage, parking, late payment fees, any restrictions, etc in a document (once they’ve rented) that, again, they must read and initial (give them a copy).
I did have a couple of tricks I used that I found extremely helpful to me, that someone more experienced kindly taught me.
The magic question when checking references was; (after a couple of easy ones, How long have you known so and so?, Do you know him to be of good character?, etc.) “Have you ever known him to not fulfill a financial obligation?” The answer isn’t as telling, (his friend could lie!), as the pause and response time.
I always included an addendum in my leases that specified ‘No roof access’ (once the weather turns in the spring the students seem to all go out onto the roof to sunbathe and drink, yeah, not what I want to see!). I also included, “sublet subject to the landlords approval” otherwise you could end up with complete strangers subletting off of tenants who have moved out.
There is an advantage to not having a lease, or a monthly lease. Either party can end the tenancy with 60 days written notice. It may look like all disadvantage to the landlord, but tenants who know they could be put out in sixty days tend to behave a little better.
This was my very favorite tactic by far though. Inflate the price of the unit and then make it known to prospective renters you’d be willing to drop the rent 50-75$ a month if you were sure you’d have tenants who are no bother. You should be able to spot the ones who sincerely communicate that they are stellar tenants. This keeps them from complaining about every tiny little thing, and really encourages good and decent behaviour in tenants. They will feel obligated to be neighbourly as they are already enjoying a discount.
I can’t remember anything else right now, if I do I’ll come back and post more.
Good luck to you!
