Running your own rental property can be a seriously lucrative venture, but it doesn’t come without risk and complexity. From nightmarish destructive renters to late payments and long vacancies, landlords have a lot to deal with in order to keep their property rented and in good hands.
If you’re lucky enough to find exemplary tenants, your side gig can become pretty hands-off, but it’s not always such an easy thing to do. In this post, we’ll be sharing some tips to help you find these rare renters, and we’ll show you some strategies that will help you retain them!
Put pride in your place
Step one: take pride in your property! When prospective tenants are searching for a place to live, there are likely several things on their wish list: a clean and safe space, room for storage, updated appliances, a well-maintained yard, etc. While there are certain things that may be beyond your control; you probably can’t build out a pool or fenced-in yard in a small complex, it’s a good idea to take steps to improve things where possible.
With a few simple upgrades, you can attract more renters and increase the value and rent potential of your property.
Here are a few high-level enhancements to add to your list:
- Fresh paint – A new coat of interior or exterior paint color is a quick and easy way to elevate any space.
- New cabinets or shelving – Many old rentals lack in storage space, so set yours apart by adding creative storage solutions for your new tenants.
- Patio space – Everyone loves an outdoor space for dining and relaxing with friends. A few easy upgrades, lights, and some potted plants can take a concrete slab from dull to dazzling.
- Modern appliances – Most of us are accustomed to having a dishwasher or washer and dryer by now, so make it a point to invest in these modern conveniences if you have the means to do so!
Market your property well
Gone are the days of flipping through classified ads in the paper searching for available rentals. Now, just about every apartment-seeker starts their search online, creating a highly saturated market in most cities. To make your unit stand out from the rest, it’s essential to market it really well.
There are several rental listing sites you can choose from but to get the most bang for your buck, you might consider using a site that’s linked to others so that just one post can get you listed on many others as well.
Once you’ve nailed down that aspect, you’ll want to write a compelling description of your property to make it sound appealing to the masses. Discuss square footage, amenities, general lease terms, neighborhood information, and pet policies, too. Then, to bring your picture to life, you’ll want to take high-quality photos of your rental unit. This will help seekers visualize themselves as tenants and make your place a worthy contender in your search!
Find the right renters
After your amazing ad has attracted a pool of awesome applicants, it’s time to begin the approval process. Before you accept an application, cash-in the deposit, and set up a date for move-in, it’s wise to run a quick screening and tenant credit report. Discovering any credit issues or a dim rental history can help you avoid those challenging tenants that we referenced before, and ultimately, protect you and your property. Aside from finding the right renters, you should be purchasing landlord insurance to protect your property and avoid unexpected costs. There are many good quote comparison sites you can use. QuoteRadar helps you compare landlord insurance quotes within the UK if you’re a landlord there.
Note: Be sure to check with your local jurisdiction’s landlord-tenant laws and only work with FCRA-compliant vendors!
Most issues that arise between landlords and tenants happen because of some miscommunication or misunderstanding. By being transparent and clear with your renters, you can almost always avoid these conflicts. This starts with your lease agreement, but extends to how you communicate with maintenance requests, late payment penalties, neighborhood disagreements, and more.
To ease the burden and ensure that your communication is most effective, you might consider using property management software. These platforms allow you to manage applications, post listings, and communicate with your residents.
Running a rental property is a challenging job, but with the right tenants and management skills, it can be really rewarding. Follow these tips to help you identify and keep renters that make your life easy!