Becoming a landlord is an exciting and scary situation to find yourself in. There are some great things that come with being a landlord that you don’t really get with anything else. It’s such a varying way to make money, after all. You can rent out a single property or it can be your main/only source of income depending on how many units you have on the market at any one time. With so much that can be different from one landlord to another, there is quite a lot that can go wrong. This is especially true if you haven’t been doing this for long. Here are some tips to think about when you become a new landlord.

1.     Rent Collection. While it may seem like this would be the most obvious thing to keep on top of, it is also one of the most difficult things for many landlords to approach their tenants about. If your resident doesn’t send in their rent check on time, it may not seem like a big deal as long as it shows up within a few days. However, this may end up setting a precedent for them which says they can send payment to you late and it won’t matter. You are well within your rights to charge a late fee if you do not get your money by a certain time. There’s nothing wrong with giving your tenant a little leeway if they talk to you about it, but just letting it slide can really put you in a sticky situation if court proceedings ever need to occur over rent payments.

2.     Online Payments. One great way to avoid late payments is to collect your rent money online. It can easily be set up so that your resident has an auto-pay system which means they don’t need to remember to write out a check every month and worry about the post office losing the envelope or it being stolen. It is much more secure than other traditional methods of payment and most will be thankful for the ease of payment.

These are only two of the dozens of tips that we can give you, so stick around for a few more. You never know, there may just be a couple that you hadn’t thought of before, even if you’re an experienced landlord.