What is to be a landlord? Is it joy of making money or torment of dealing with tenants and problems with rental properties? It could be both. It’s all about experience and learning. Probably you will not be the greatest landlord fresh at the start, but you can be a successful one. How? Check out keys to managing rental properties successfully.
1. Keep it clean, tidy and well maintained
Rental property is your product. If you want make money on it, you must take good care of it. What does it mean? Hire a cleaning lady and find someone who will take care of problems with electricity, plumbing and air conditioning, when they appear. Managing rental properties means every action should make your reaction, if something is broken fix it in no time.
2. Plan your moves
Do you have a cleaning schedule? Make contact with good cleaning company or cleaning lady and plan it ahead. You know when your present tenant will leave? Start finding another one at least month ahead. It’s relevant to your cash flow, and we are assuming you are renting for making money.
3. Count well
Check other offers first. Is your price too low or too high? What is average rent in your neighborhood? Remember of cleaning and maintenance costs while calculating income. In the end you can walk away with equivalent of ten rents out of twelve in the pocket. Are you prepared for this?
Don’t be afraid to give up the good to go for the great.JOHN D. ROCKEFELLER
4. Act like businessman
Managing rental properties is business. Don’t forget about it. You must take care of your tenants, help them if they need you, but in the end it’s all about how much money will stay in your pocket. It’s your priority.
5. Control or be controlled
Tenants are late with payment? Let them know that there will be no tolerance for late payments. People used to take advantage. If you let your tenants get in front, they will control you.
6. Make tenants happy
Managing rental properties like real businessman and having everything under control does not exempt you from being a friendly landlord. Make your tenants happy. They are your client.
7. Create your own system
Notes, messages and worksheets can make real mess. You must create your own rental system. It will help you to save time and money. Especially when you are managing a couple of rental properties. We should say that RentingLock is the best choice, but we will not. You must figure it out yourself.
Managing rental properties can be easy?
Yes it can. It can also lead to great satisfaction. It’s all about how you’ll do it. These couple of tricks should help you manage rental properties successfully. Maybe you have your own thoughts? Share it in the comments below.