Six tips for successful property rental

By | February 28, 2020

As the number of landlords dwindles to the lowest point in almost a decade, tenant numbers and demand are still strong.

Though focus is frequently placed on captivating to the correct tenant pool, as well as the significance of proper tenant screening, the reality is that the person who is solely showing of the home to possible renters is just as important. Putting on a vacant rental property can be done simply and without a superb deal of time.  With a little bit of control appeal and a nice looking interior, you will have more tenants desiring to lease your client’s rental home than you are aware of what to do with. Let’s take a look at six tips for landlords wanting to maximise their yield from their property portfolio.

Take a look at your mortgage rates

As anyone who has not been living in a nuclear bunker for the last few years will know, times are hard out there for many people. In order to maximise profits without necessarily being able to increase rental prices, many landlords are looking into remortgaging their properties with a view to getting a better deal.

Get to know prospective tenants

Make sure that you are vetting your prospective tenants thoroughly by contacting their previous landlords as well as their current employers. Through these searches, you should be able to ascertain whether they have been a good tenant in the past and whether or not they are likely to be financially stable enough to afford to pay rent on time.

Inspect regularly

Regular property inspections can help you stay on top of any wear and tear on the property, fixing minor issues before they become too big and costly. A regular inspection schedule should also encourage your tenants to ensure that they are looking after the property.

Before displaying a rental property, place your safety first.  Every year a good number of realtors, property managers, and landlords are injured displaying homes to potential tenants. If someone calls asking to look for a rental home, get his or her full name and manage a background check on your state’s public history website before granting to show the property.

Keep your records

Ensure that all of your paperwork is in order so you can complete your tax return in an effective manner. Also, you might want to consider using a property inventory software app so you can keep tabs on the condition, whereabouts and quantity of items that are left within the home. Because a property inventory software app keeps all information digitally, there can be little room to argue at the end of a tenancy.

Additionally, being aware of everything about the property you are showing, it is the perfect idea to be well informed about the surrounding area.  People frequently move to specific locations because they prefer the neighbourhood or have heard it is best. Focus on the area’s selling points – nearby restaurants, shopping, entertainment, attractions, schools, parks, and roads for travelling to and for work.
Explore payment methods

Using online portals or other methods to collect rent can help both tenants and landlords be clear exactly when and how rent is paid. This limits the chances of tenants forgetting while making it as easy as possible for them to pay you, limiting the likelihood of late payments.

Avoid empty properties

As soon as a tenant gives notice, try to line up a new tenant to limit the amount of time a property lies empty. Remember that an empty property is costing you money rather than helping you earn.

On the top of that going in addition to when showing rental properties can assist to encourage the most qualified tenants to lease your client’s property, making it a pact situation for everyone.