There is a saying that goes: “No man is an island,” which means that one person can’t survive life alone and without the help of other people. The same goes for businesses.

A rental business, in particular, never relies on the landlord alone. As a landlord, your intentions are always for the good of your rental units. However, since you need other people for your business to thrive, you have to make sure that the people who will be involved in your business will help you succeed. Here are the people you have to find:

Reliable Experts

For your ideas to prosper, you have to make them fail-proof before putting them into action. For you to stay long in the business, you need to protect it from legal threats. This is why you need to have a proactive relationship with different financial, marketing, and legal experts:

• A lawyer who will give you fair legal advice, who you can call anytime in case of unexpected legal disputes, and who can help structure your leasing agreement so that there will be no loopholes and there are no violations against federal and state housing laws.
• An accountant who would ensure that you will not pay taxes more than what you owe and to help you strategize in handling income, expenses, and property fees while ensuring that you have positive income flow.
• A property manager or real estate agent who will help you build your property portfolio and maintain the marketability and habitability of your rental units.

Trustworthy Maintenance Team

One of the common causes of tenant-landlord conflict is delayed repair or poor maintenance. Having a maintenance team that is readily available in case you need their service will be a valuable asset to your business.

If you acquire more properties to expand your portfolio, it would be easier for you to perform the needed renovations to your new properties if you have a maintenance team to back you up.

Related article: Your Tenant’s Repair and Maintenance Responsibility

Responsible Tenants

The more responsible your tenants are, the more stable your income will be. A responsible tenant is a business asset. If a tenant doesn’t pay rent on time, it means you won’t earn your income on time. Once you have a responsible tenant, you should make the extra effort so that they will be encouraged to renew their lease year after year.

After posting your listing on property management websites like Padleads, you could receive a lot of inquiries and applications from house hunters. Increase your chances of finding responsible tenants by having a thorough screening process.

Take time to review and verify an applicant’s information to make sure that he is financially stable enough to pay rent on time and has no history of eviction. You can do this by checking his proof of income, credit history, and rental history.

Once you find a responsible tenant, make an effort to keep them as well because a good tenant only stays if he has a good landlord.

Related article: How to be an Ethical Landlord

If they pay rent on time and they don’t cause any conflict with you or other tenants, do your best to give your end of the bargain by being responsive to their needs and treating them with respect and kindness.