Investing in rental properties can be lucrative for those who have the time to manage them. However, there are a lot of things to consider before diving into the real estate market. From acquiring the right investment property to finding good tenants, there are a lot of moving parts that go into managing rentals. In this article, we’ll discuss some key tips to help you manage your rental property well.
The first step in successfully managing your rental is getting it ready to rent. This includes making sure the property is in good condition and advertising it on a variety of platforms such as Zillow, Redfin and more. It’s also important to make sure you’re accurately pricing the property and attracting a clientele that is suitable for your property. A professional management company can handle all of this for you and have an in-depth understanding of the local rental market to ensure your property is getting traction on listing sites.
Once you’ve found a tenant, it’s essential to screen them to ensure they are going to be a great fit. This means running a standard background check, checking credit and verifying income. It’s also important to request a reference from the applicant’s previous landlord, as this can be an indicator of their reliability.
Having good tenants can boost resident retention and improve your overall occupancy rate. To keep your tenants happy, consider offering perks like free renters insurance or giving them the option to upgrade something in the property. This can give them a sense of ownership and add value to your rental. manage rentals