A first-time landlord or an old pro can benefit from these tips. After all, there’s always room for improvement! Fine tuning your skills can increase occupancy rates, make for more consistent revenues, and lead to a less stressed life for you and your business.
Be Specific In Rental Contracts And Include More Details
Don’t leave anything open to interpretation. If home improvements are restricted without the approval of the owner, list that. If installing a new ceiling fan is prohibited, your tenants are going to appreciate knowing that so they don’t waste money buying one. Details can save Landlord and Tenant headaches down the road.
Price Your Rentals Based On Current Market Conditions
Do some research and see what other rentals in the area have rented for within the last six months and be sure your properties are priced accordingly. If you overprice a property, it will sit on the market for an extended period of time and will make a potential tenant think something is wrong with the property. Keep your bottom line in mind, but always stay reasonable.
Screen Prospective Tenants
Good tenants are the key to a successful rental. Always do background checks, get thorough credit reports, and contact every personal and professional reference. Renting to individuals with sketchy histories can lead to trouble further on down the road.
Be More Personable
When a tenant stops by with their rent payment, take a moment to ask about their families or jobs. Little inquiries like these can make your tenants feel more appreciated. Be professional, but friendly. A kind word goes a long way!
Maintain Your Property
Make sure you’re addressing the concerns of your renters, whether it’s a leaky faucet or a faulty furnace. Nothing can damage a landlord-tenant relationship more than ignoring your tenants’ problems. You’re much more likely to have minimal tenant problems when your property is a place they enjoy coming home to.
Get Advice From A Professional
No matter how long you’ve been a landlord, there’s nothing wrong with asking for advice. Professional property management companies provide a wealth of knowledge around legal issues, tenant relations, even evictions. Check out Millennium Real Estate’s website at www.mrerent.com to find out additional information regarding the benefits of hiring a professional property manager.