With over 10 million landlords earning an income on rental properties, it makes sense to deepen our knowledge of the industry.
Brushing up on the latest landlord tips is essential for maintaining great tenants and making the renting process as seamless as possible. But if you dive into renting out properties with zero research, you could end up making costly mistakes.
Sounds like you? Luckily, we’re here to help. Here are the top tips and practices to take on board.
Treat Rental Properties Like a Business
Rental properties aren’t like owning a home. In fact, a major mistake landlords make is forgetting that overseeing rental properties is a business. The first step is complying with federal and state laws to ensure that you follow the necessary guidelines.
Landlords must always be professional with tenants, track expenses, and invest in insurance to protect the property.
Set the Right Rent Price
Spend time figuring out how much your rental property is worth. Check out similar properties in your area to determine how much you can charge for rent. Ideally, decide on a price that will cover the necessary costs and leave you with a decent monthly profit.
Market the Property Online
If you haven’t already, advertise your property online to generate a buzz. Create a listing on social media and popular real estate platforms like Zillow because that’s where renters scout out potential properties. On your listing, it’s important to have professional photographs, a map of its location, and a description of the rental’s amenities.
Thoroughly Screen Tenants
Our landlord guide wouldn’t be complete without mentioning tenant screening.
Start by conducting a credit and background check to check that the candidate can afford the rent. You should look out for eviction reports and if you notice a pattern in an application, continue your search because that’s a major red flag. Before even considering tenant management, call references and verify the candidate’s employment for extra security.
Consider Hiring a Property Manager
Out of all the landlord resources out there, hiring property management services is the most effective. Although it’s an additional cost, these professionals screen tenants, collect rent, and if it’s on the market, help you stand out from competitors.
Property managers also understand the local and legal regulations, so you don’t have to. The most valuable quality of property managers is they save you a huge amount of time, so you can focus on growing your real estate portfolio instead.
If you’re not sure where to start, see this rental agency to learn more about how they can help you.
Enjoy Our Top Landlord Tips
Now you’ve learned the top landlord tips, it’s time to make a killing.
Every successful landlord learns to treat their rental properties like businesses and how to market their properties. It’s also important to thoroughly screen every tenant and work with a property management company for a hassle-free solution. Good luck with your venture! Want more posts? Then, check out the rest of our blog for more useful content.