Looking to make the most out of your rental property? Whether you are a new landlord or you are experienced and looking for ways to make the most out of your investment, there are numerous rental property tips that could increase your income and firm up your real estate management.
So, if you are managing a rental property then read on to discover tips, tricks, and best practices to make the most out of your investment.
One of the best rental property tips is to consider allowing pets. Most landlords will instantly decide that this is a bad idea, which means that rental properties allowing pets are hard to come by. Allowing pets will open up the tenant pool and make it much easier to attract tenants.
Often, landlords find that pet owners are excellent tenants. This is because they will be responsible, take greater care to protect the property, and stay put. Just make sure that protective measures are in place, such as outlining that property damage will be covered by the tenant.
Screen & Meet Tenants
As a landlord, nothing is more important than finding the right tenants. You want to find people that will be able to pay in full and on-time, look after your property, and stay put.
These people are hard to come by, which is why a robust tenant screening process needs to be used. You can use rental software for this and it should include criminal, employer, previous landlord, and credit checks.
In addition to this, you should arrange a face-to-face with potential tenants. This gives you a chance to feel them out and get any questions that you have answered. A few questions worth asking include:
- Why are you moving?
- What is your monthly income?
- Do you smoke?
- How long do you plan on staying?
- Have you ever been evicted or broken a rental agreement?
Additionally, meeting tenants face-to-face allows you to build trust and open communication – this is key for creating a positive landlord-tenant relationship.
Look After Your Tenants
A good landlord and real estate investor is one that looks after their tenants to maximize rental income. If you want your tenants to stay put and look after the property, you need to make sure that they are looked after and will feel settled in your property. A few of the best ways to look after tenants include:
- Making it easy to contact you
- Fixing issues as quickly as possible
- Making upgrades and improvements to the property
- Checking in occasionally
- Welcome gifts
- Seeking feedback
- Keeping the price the same
When it comes to rental property management, you need to protect your investment in the form of rental property insurance. Accidents and issues can arise in the rental market that can be costly, such as vandalism, theft, fire, and loss of income.
Rental property insurance will provide financial protection against these serious threats and provide peace of mind.
Use These Rental Property Tips To Maximize Your Investment
Hopefully, these rental property tips will help you to be a good landlord and maximize returns on your investment. Check out our other real estate content today to find out more.