Becoming a landlord can be an intriguing prospect if you are looking to bring in tenants and residual income. However, you will need to be sure that you hold yourself to high standards when it comes to providing for your prospective tenants. In this regard, there are a few quality points of view you will want to consider, so that this process is rewarding and beneficial to you. Start with these three suggestions below.
Hire an outside property manager
Without a doubt, one of the most important investments you can make when renting out a property is in the acquisition of a property management company. A property management company will make your life so much easier, in that you will not be bogged down in the tedium that comes with renting property to tenants. Property managers will be able to handle a lot of the tasks that come with this territory, such as showing the property, addressing tenant concerns and questions, collecting rent and dealing with legal testimony. As a result, you will be able to remain hands-off, while still taking in revenue from the property. You do not pay out-of-pocket for a property manager — instead, most will charge somewhere between 4% and 12% of monthly rent that is collected.
Keep the HVAC system running smoothly
Depending on the laws of your state, broken air conditioners in your rental property can become as much a legal issue as they are a minor annoyance. Regardless of your state's mandate regarding HVAC maintenance, you need to take it upon yourself to be a good steward and keep your air conditioner and heater running in great condition. This allows you to have happy tenants and decreases property issues. Air-conditioning repair can cost between $165 and $507 on a typical basis.
Re-paint the property when switching out tenants
It is very important that you stay on top of paint jobs when switching out tenants. Rather than go the typical route, make improvements and experiment with new and different colors whenever possible. Hiring a professional to handle your interior painting can cost you anywhere in the range of approximately $900 and $2500. Take this time as an opportunity to use colors that are warm and interesting, to create a beautiful place for your prospective tenants to live.
If you use these tips, you will be well ahead of the game when it comes to becoming a quality landlord.Share
15 April 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.