So, you want to become a landlord?
Welcome to Club Landlord! Turning your home into an investment property surely has some benefits. To reap the benefits of owning a rental property, it’s important to be a great landlord. Follow these five steps, and you’ll be thriving as a landlord in no time.
Have Excellent Marketing
Vacancies are a headache. They’re a landlord’s most common stressor, but vacancies are completely unnecessary. With excellent marketing, you’ll find vacancies in your investment property less and less. What does excellent marketing mean, in terms of rental properties?
Excellent marketing means knowing what the maximum price for a rental property might be. It also means attractively presenting the property by showing its best advantages and strengths. Getting the listing out in front of as many people as possible is another important point of marketing a rental property. You will also want to be sure to answer inquiries on showing the home promptly; prospective tenants love a responsive landlord.
Get the Right Tenants
Speaking of tenants, you’ll only want to rent your property out to the right tenants. Beginning with excellent marketing, there’s a process to getting the right tenants. This process includes thoroughly vetting applicants, including credit checks, criminal background checks, income verification, and reference checks.
By doing these things, you’ll ensure your investment property is housing the right tenants.
Preserve the Assets
Having the right tenants means you won’t have to worry about the condition of your property (as much). Even so, you’ll want to protect the value of your asset. Choosing the right tenant means choosing someone who will take good care of your property. Preserving the investment property continues with regular inspections, and prompt maintenance when needed by skilled, trustworthy contractors at a good price.
Automatic drafting, online payments and receipts are a baseline of convenience for both you and your tenant. Proper trust accounting on security deposits keeps you on the right side of the law. Rent reminders and immediate follow-up on any late payments ensure that you always get paid.
Lastly, thorough bookkeeping allows you to capitalize on the matchless deductibles allowed on rental property, turning tax time from burdensome to profitable.
Routinely Doing Steps 1-4
There’s only one way to do all of these things easily, and that’s to hire an excellent property management company, that you trust explicitly, to do them for you. Seal the deal on an effective and less stressful rental is to find a property management company.
The good news is that a property management company would have your back. At Real Estate Experts, we offer property management services that would fit your every maintenance, property service, and management your rental needs.
Real Estate Experts
Our property management team is ready to hear from you if you’re looking to turn your home into a rental or investment property.
At Real Estate Experts, you pay zero lease-up fee, which means we don’t get paid until you do. Once your property is leased, we charge at the bottom end of the spectrum, just 8% of the rent. And that’s our only fee, ever. Not only do we provide some of the cheapest rates, but I also feel confident telling you that we provide the best service you can get.
In order to charge the least and give the most, we can only work with excellent clients. Learn what’s required to be a Real Estate Experts client.