Property management is more than simply owning real estate investments. When you purchase a property and plan to rent it out, you are entering into a completely different realm of investing. If you decide to “go it alone,” then it will be your duty to interact with tenants and possible tenants.
Eventually, you decide who will rent your property, when and how you will gather rent, how you will market your rental property, as well as resolving any maintenance problems and repairs. With all of these features in mind, you can make your life simpler by working with a trusted property management company and following these property management tips for landlords:
Make Collecting Rent the Priority
Rent money from tenants becomes your income. It’s astonishing how many landlords are not insistent in pursuing rent and late charges. It’s sometimes a good idea to work with people who usually need help… if they communicate with you.
But if your renters just stop paying rent and ignore your calls or texts, you need to start eviction proceedings. Otherwise, you could be months behind on rent before you recognize it, which makes this probably the most vital of all the landlord tips.
Know Fair Housing Laws
For several reasons, many investors choose to educate themselves on fair housing laws, and there can be serious consequence if a tenant violates them. There’s no reason to not educate yourself on the laws in the real estate industry. Landlordology has shaped several easy-to-follow guides on fair housing.
Focus on Long-Term Needs When Renovating
Landlords should constantly focus on the long term and shouldn’t be scared to commence renovations that may take say, five years, to pay for themselves. Landlords should make certain that each bedroom has a sizable closet and should establish soundproof windows in units that face hectic streets. When it comes to kitchens, stainless steel appliances, along with stonework or quartz countertops, will garner more rent than their out-of-date option. Finally, landlords should put laundry units in the building and offer storage space for residents moreover in the units or the building, if not both.
Allow Pets in Your Property
Pet-friendly places are tough to come by, so you can stand out by accepting pets, especially dogs and cats. Most pets are generally problem-free, although a landlord somewhere has a horror story about having pets on his property. You can charge additional pet rent and a deposit, which most people will willingly pay given the scarce options.
Use High-Quality Pictures to Promote Your Rental Properties
High-quality pictures can lead to a significant boost in attention from prospective renters. After all, more than one-third of marketers say images are the most critical outline of content for their businesses. Also, viewing pictures is how the majorities of guests shop the various rental websites, evaluate properties, and select the one they want to book.
Which of these property management tips do you follow? For more information, please contact the Laura Wucher Team.