Being a landlord can be as easy or as difficult as you like.  Nothing worth anything is effortless, but there are plenty of ways of minimizing stress and disruption in any business.  Here were are going to outline 10 ways to be a successful landlord.  They are designed for the newcomer to luxury property ownership and provide a good grounding on the basics of running a successful up market property leasing business.

Get everything in writing.  You have to protect yourself at all times, from tenants, contractors and anyone else you have dealings with.  Having everything documented in writing is one way of making sure you have the facts to back up any issues.  This includes anything from tenants including requests for repairs, changes to contracts or terms and conditions.  That way you create a paper trail for each tenant and each transaction.  That will save a lot of time if you need to justify anything, especially if it’s to the IRS.

Provide a safe, secure property.  This one should really be a no-brainer for prospective property tycoons.  Especially if you’re trying to break into the Naples luxury house market.  Competition is tight, and you will need to use every trick we list here if you’re going to survive.  Keeping a rental property at its best not only helps keep it occupied, but also retains its value, reduces the potential for liability and keep your tenants safe.  Security is a major concern for all of us, that doesn’t go away just because someone is renting somewhere.  Everybody wants to feel safe, that their family is safe, so you need to provide exactly that.  Besides the needs of tenants, a secure and safe property is much easier to keep occupied.

Always check references.  Anyone with a computer can fake good references.  A habitual problem tenant will be well versed in giving a great first impression so will find it easy to fool the lazy landlord.  Make checking references a habit.  Don’t just read them, check them.  Call the people and ask them about the potential tenant.  Spending a little time following up on something like this could save a whole heap of trouble further down the line.

Insure yourself.  We know it costs money, sometimes more than you can afford if you’re just starting out, but it is an essential safety blanket.  Having the maximum insurance is a business expense but one that can save you thousands of dollars down the line.  Ensure you have property liability, rental insurance, buildings, and any particular state insurances you might need.  While it does cost money, repairing a Naples luxury rental home can cost a lot more.

So that’s the first four covered.  Check out the next article for the next six tips on being a successful landlord.