A happy landlord is directly linked to a happy tenant. Happy tenants are more likely to renew their leases, treat the home with respect, and provide a landlord with a steady stream of income. Luckily, there are some tips and tricks that can help you be the best landlord you can be Here are a few landlord secrets for you to see success and watch your business grow.
Treat your properties as a business
It can be easy for landlords to treat their property management efforts as a hobby rather than a business, but this is the largest mistake you can make. In order to experience success and a good cash flow, you really need to treat your business as you would any other job.
Set dedicated hours per week to run your business and communicate with tenants. This can be anything from one hour a day to biweekly— whatever works best for you and makes sense with the number of properties you have. Additionally, look for ways to improve your business. This can be by investing in a quality tenant screening process, installing renovations, or adding an assistant. If you find that certain aspects of your property are not in top condition, aim to fix them. Hiring a roofing contractor or a landscaper can make all the difference in the appeal of your property. Always keep in mind that a happy tenant is a happy landlord, and always ask for help and advice when needed.
Choose the right rate
It can be easy just to pick a number and set that as your rental rate, but in reality, you will need to do some math to decide on the right price. As a rule of thumb, divide your annual mortgage payment by 12, then add on some extra money to cover your administrative costs, repair costs, insurance costs, and utilities. To get an idea of what the current market rate is in your area, look at properties around the same size as yours and compare features, prices, and occupancy.
Do not be shy when it comes to raising rent after a year or so. After all, it is important for you to make a profit.
There is a catch-22 when it comes to real estate. There are so many properties on the market that as a landlord it is hard to stand out, and as a tenant, it is hard to choose which one suits their needs. So in order to bypass this, you will want to stand out and offer unique amenities. Some examples can include extra built-in storage in the home, a garage and a place for tenants to keep their seasonal items, smart technology features, allowing pets, and even furnishing the property.
When you have items that make you stand out, you won’t be able to keep the tenants away.
Don’t forget to market the market
Many landlords forget that running a marketing campaign is an incredibly successful method of acquiring tenants. There is no one right way to market, so it always pays to experiment and figure out what works for you. Consider using social media platforms to advertise your home, newspaper flyers, yard signs, or even offer an open house for potential tenants to come get a tour! Feel free to get creative, and you’ll soon make a name for yourself in your local market.
With these tips in mind, any landlord will be on the path to success. All you need is some dedication and commitment and soon your business will reach new heights.