Running a rental business or managing a property can feel like a full-time job with overtime you don’t get paid for. Are in over your head trying to juggle the many responsibilities of being a landlord? Are you behind on maintenance or struggling to find quality reliable tenants? Here are some ways you can take the stress out of managing your rental business.
1. Hire a Professional Property Manager
Chances are you aren’t a licensed plumber or electrician. Making repairs on your rental properties and keeping up with general maintenance comes with the business. Hiring a repairman or contractor for each fix that arises can be costly and time-consuming. If you own multiple rental properties, having a contracted property manager to take care of the upkeep and repairs can take a huge weight off of your shoulders. If you only own one rental, it’s probably more cost effective to handle the easier parts of upkeep yourself and hire professionals when needed, but a bit more stressful.
2. Screen Your Tenants
One of the biggest issues landlords run into is bad tenants. It can be difficult to know if your tenant is going to be reliable and responsible simply based on their application. Examining tenant history in the form of a credit report or rental history can tell you a lot about whether or not your application will be a good fit. Don’t hesitate to give previous landlords a call and find out whatever you can. Having good tenants is the best way to reduce turnover.
3. Reduce Turnover
Constantly having to replace tenants can cause a myriad of problems. When interviewing potential occupants, try to find out what their intentions are when it comes to long-term renting. Not every applicant is going to be forthcoming with this information for fear of being discriminated against—try to ask questions about their job and how long they have been in your town or city so you can make an educated guess.
Sometimes turnover can’t be helped. Make sure you have quality advertising to help with replacing tenants as soon as they give you notice to leave. Don’t just throw a sign in the yard; today’s renters are doing their entire search online. Get your rental property posted on every possible real estate website you can—the higher the demand for your property, the more you can charge.
4. Improve the Appearance of the Front of the Property
Potential renters often make up their minds in a matter of seconds. As they say, “you only get one chance to make a first impression.” You want to your rental applicants to fall in love the moment they drive up. Simple things like keeping the lawn freshly mowed or replacing the mailbox can make a world of difference in the eyes of the renter. Keeping up with appearances ties directly into preventing turn over and getting replacement tenants as fast as possible.
5. Know How to Show
Of the course, the apartment should be thoroughly cleaned before it’s shown, however, cleaning the apartment isn’t the only thing you should do to get it ready for showings. Make the sure all the curtains are drawn so that the rooms can get as much natural light as possible. Scented candles and air fresheners are never a bad idea—you want your property to not only look clean but smell clean as well.
6. Allow for Pets and Charge More
It might seem counterintuitive that allowing pets in your rental will reduce stress, but it absolutely will. The reason? Allowing pets is good for business,as almost 60% of Americans own them. The last thing you want to do is cut out the majority of potential renters because of their pets. Allowing for pets will help reduce the amount of turn over because so many other landlords take the firm stance of no pets. Charge a pet deposit and raise your rental rate—if your tenant’s furry friend damages or destroys anything you will have it covered, and the extra rent each month will boost the overall profitability of your rental.
Don’t stress over your rental property; use these helpful steps to simplify managing your rental property and get back to focusing on the things that matter in life.
This is a featured post by site supporter Suhail Ajamal
Photos provided by author