Becoming a landlord is an enticing business venture, but it doesn’t come without its challenges. First-time landlords often find themselves feeling overwhelmed trying to find tenants.
With the proper planning and knowledge on when professional help is required you can ensure consistent tenants and income. Here are the best ways to get started:
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Hire a Property Management Service
All of this can feel overwhelming because you may feel as though you do not have the time to invest in maintaining a successful rental property. If you are feeling this way hiring a property manager may be the right solution for you.
Property managers don’t only take care of finances, but often take marketing photos, advertise, and conduct viewings. Some companies such as 719Rent.com also offer tenant placement services so you do not have to worry about bringing in tenants.
Some first-time landlords find the experience to be more than they bargained for. If you do your research and are aware of all the services available before jumping in real estate then it is a profitable, challenging, and rewarding business endeavor.
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Take Professional Photos
One of the first glimpses property renters receive are the photos they see online or in newspaper ads. This is the initial impression they receive of their future home. If photographs are low quality or unflattering it will turn away potential tenants.
Consider hiring a professional photographer who specializes in photographing real estate. If you are going to take your own pictures keep in mind the little details can make all the difference. Check that beds are neatly made, counters are free of clutter, and that blinds and curtains look neat and tidy before taking photos.
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Curb Appeal
Following the initial pictures the first thing renters are exposed to is the outside area of the property. Making sure paint is touched up, windows and gutters are clean, and the yard looks healthy can stir up interest in the rental property from the roadside.
The responsibility of landscaping and yard maintenance is on you. Offering to continue taking care of the yard is a major plus to future tenants. In this case, hiring a gardener to maintain the yard is a beneficial investment to consider. Unmaintained yards are not only an eyesore, but also expensive to get back up to par.
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Deep Clean the Property
When touring a rental property the last thing renters want to notice is stains and dirt. The property should look move in ready. Even the perfect property could be turned down because of something as simple as soap scum or dusty baseboards.
Professional cleaning services run for as cheap as $100-$200. If you choose to do the cleaning yourself compose a checklist to assure no steps are missed.
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Advertise
Most people start their rental hunt online. For an average fee of around $50-$100 you can list your property on popular rental sites. In the age of social media, Facebook and Twitter are also viable advertising options.
In your advertisements you want to include the meat and potatoes of what people want to know. You should include details such as:
- Cost of rent
- Number of rooms and bathrooms
- Neighborhood/location
- Attractive features such as inclusion of a swimming pool, garage, or basement
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Research Pricing
No one wants to overpay for his or her rent, but if prices are too low you’ll be in the red. Researching similar rental properties online is an easy way to ballpark what to charge. Consider looking at units with a similar location, size, and quality to yours.
Alternatively, you can consult with real estate agents and property managers. Before even purchasing a property you should research property values thoroughly to know if your choice will be a good return on investment.
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