When it comes time for you to open up your first rental property, your only hope is that your tenants will treat the home as if it were their own or as if you were living in it yourself. It can sometimes become a challenge to have this be your reality, but finding the right tenants to fill the property is a great first step! So to help the success of your property and yourself, we’ve put together a great list of tips to help you better do so.
- Take The Time To Find Trustworthy Tenants
Properly screening your potential tenants is the key to having a successful rental property. Your tenants can either make it or break it. Especially if you are hoping your tenants will treat the home as if you were living in it, strive to go out and find those quality tenants.
2. Understand The Rental Laws in Your Area
It is overly important for landlords to know and understand federal, local, and rental housing laws and continue to stay informed of any possible changes to them as they occur. Knowing these laws can help you better stay away from any problems that could arise had you not been familiarized with the laws. At the bare minimum, make sure to be informed with the Federal Fair Housing Act and Habitability Laws before you begin accepting applications.
3. Schedule Regular Property Inspections
Successful landlords take proactive actions to schedule regular property inspections so they can discover any potential issues before they occur and become a bigger problem. Unfortunately, the best of tenants will, most likely, not take the time to be informed on potential problems that could turn into something worse. So it’s your job to be able to take the time to visit the property to investigate and check out any arising issues.
4. Don’t Be Afraid To Follow Through on Penalty Fees
Be sure to clearly communicate any late fees or other additional charges at the beginning of the lease. If your tenant happens to slip up, make sure to follow through on those penalties. If you are strict and consistent with your policies, your tenants will make a better effort to not make those same mistakes in the future.
5. Have The Appropriate Insurances
To better protect yourself and the property, make sure you have the right insurance in case something occurs. Homeowners insurance won’t suffice all insurances needed. Make sure to get, at the bare minimum, landlord insurance, and rental insurance. First-time landlords should also carry an umbrella insurance policy. This type of insurance will provide protection in the event of an unexpected accident or an unforeseeable lawsuit.
6. Research The Area of The Property
The area of your property can either make or break you. You want to make sure the property is in an area tenants will want to live in. Tenants will hope there is a great school system, great neighbors, and easy access to amenities such as parks, malls, restaurants, public transportation, and movie theaters. They will also be likely to look for a home in a low crime rate area with low property taxes.
7. Find a Trustworthy Property Manager
Sometimes a property’s success depends on finding someone who is already successful in the field. So if you are not an experienced property manager, consider hiring a property manager to help with all needed processes. Hiring Keyrenter Property Management can provide stress-free regular inspections to protect and maintain your investment as well as help with any other things you might be looking for extra help with.
8. Make Sure The Home is in Working Order
Tenants who are looking for a home to rent are looking for one that looks in order and is clean and appealing. To do so, have your home painted neutral colors throughout and make sure there aren’t any large holes in the walls. Make sure everything inside the home is in working order and all windows have window coverings. Having a clean yard and house can really make a difference and inspire tenants to treat the home as their own.
9. Have a Marketing Strategy
If your property is completely ready but is vacant, it’s important to find quality tenants as soon as possible. The longer the home sits on the market, the more rental income you will lose which can quickly eat into your annual cash flow. So to help you increase your annual cash flow, make sure you have a great marketing strategy in place to market your home and find those great tenants. Hiring a property manager can help you better advertise your home to find the tenants you are hoping to fill your home with.
10. Get To Know Your Tenants
Establishing a great relationship between you and your tenants can better help the success of your rental property. By having this friendship, you will be able to better connect with your tenants and they will be more willing to follow the rules you have in place as well as the deadlines for payments. Be sure to contact Keyrenter Tacoma today for more tips in tricks for improving the success of your rental property.