Are you new to being a landlord? We want to first congratulate you on your new investment/s. It can be exciting and overwhelming when you are first getting started. There are a lot of things to familiarize yourself with. To make things a little easier for you, we’ve put together this blog with 13 tips on how to make your investment a success.
1. Exude professionalism with a friendly demeanor
When you’re a landlord, you need to think about your rental properties as your business. Your tenants are like your clients. That means you should handle every interaction with the utmost professionalism. You want to exude a friendly demeanor to develop a good tenant-landlord relationship and to increase retention.
2. Be extra careful about your tenant screening process
When choosing tenants you need to be cautious. It can be tempting to rent out to the first person or people that seem decent, but you can’t just go off of first impressions. You need to follow through with a thorough screening process that includes running a credit and background check. To avoid getting into legal trouble, adhere to all Fair Housing guidelines.
3. Be sure your lease covers everything
Your lease needs to be thorough. It needs to have the names of your tenants. It should talk about the length of the rental term. You should cover how much the rent is, when it’s due, and if it goes up a certain percentage every year. In addition, cover who handles maintenance and repairs, as well as rules and regulations, and the consequences that will occur if these rules are broken.
4. Know the applicable laws
Landlords need to be up to date on any local, state, or federal laws regarding rental properties. This can help you stay in compliance and avoid costly issues down the road.
5. Market your property online with high-quality photos
There are several ways you can market your property. But just going the traditional route may not be enough. It’s important to advertise your property online since many tenants are now searching for rentals this way. You also want your property to have high-quality photos that give potential tenants a good idea of what to expect.
6. Choose the right price for your rental
You may be surprised at how important the price you choose for your rental unit is. Too high and you may not get any bites; too low and you could be hurting your investment. It’s important to compare the prices of competing properties in the area that have similar offerings to yours.
7. Partner with an experienced property management company
There are so many benefits to partnering with an experienced property management company. They can make sure you stay in compliance with applicable laws. Your property can achieve ideal marketability. A property management company can even help you find ideal tenants through an excellent screening process. They can make sure your lease covers everything. They can also handle ongoing maintenance needs and tenant communications.
8. Encourage your tenants to purchase renters insurance
Renters insurance can be beneficial to the tenant and the landlord. It can help cover certain damages while reducing the risk of disputes or even lawsuits. In some states, renters insurance is required. In others, it’s only recommended. Familiarize yourself with the laws in your area.
9. Simplify rental payments
You want rental payments on time. One of the ways to achieve this is by making it simple for your tenants to pay you. Provide a way for tenants to pay online. This allows you to track payments easier and gets the payments to you in a timely fashion.
10. Be fair and consistent when enforcing the rules
Make sure that all tenants are treated equally. Any rules broken should be handled the same way, every time.
11. Maintain thorough records
Protect yourself by keeping records of conversations with tenants, rental payments, vendor payments, and more. This can help you keep track of your finances and communications.
12. Practice excellent communication
Make sure that you respond to tenants in a timely fashion. This can help increase satisfaction and encourages renters to renew their leases. When you do talk with tenants, make sure they understand what you’re saying. Always be friendly and professional in your communications with them.
13. Take maintenance seriously
Whether it’s preventative maintenance or emergency repairs, all of these needs should be taken seriously. Regular maintenance can keep your tenants happy and maintain your rental’s value.
There are many things you can do to make your investment a success and we’d love to help. Please reach out to us at PMI: https://www.propertymanagementinc.com/. We have years of experience assisting hundreds of landlords with their rental properties.
