Rental properties are often the go-to investment of new real estate investors. You get to keep the property you buy, welcome tenants you prefer, and generate regular cash flow. By owning a rental property, you can enjoy tax incentives and deductions. You can even leverage property appreciation.
Do you have any plans on buying your first rental property? Or do you plan on turning your home into a rental property instead? What are the things you can do to manage your new investment? Here are a few ideas worth considering:
Know the property really well
Before you start looking for tenants, know your property first. Check the current condition of the property and take note of the things that need fixing. You can do this through rental property inspections. It would be best to take care of all the necessary repairs and maintenance before marketing your rental. This way, you can ensure that your tenants are safe and that you abide by the rental laws of your state.
Consider working with the pros
Do you think that real estate agents are only for those buying and selling properties? If you live in Chigwell, real estate agents can help you rent out your property to the best tenants and for the best price. Their years of experience and connections allow you to get the best rental income. Finding tenants and marketing your property can be a stress-free experience for you.
Choose between hiring a property manager or managing it yourself
Managing a rental property comes with a lot of responsibilities. Don’t you have time to keep an eye on your rental property? Then hiring a property manager can be your answered prayer. They can handle all the tasks, including caring for the property, handling tenant issues, managing finances, and even move-outs and evictions.
Have a clear set of rules for all the tenants
Your contract should not only outline the limits on occupancy, rent, other fees, and terms of the tenancy. It also needs to include all restrictions, repairs, maintenance, etc. All important terms need to be included in your rental agreement. This way, you can safeguard your property better. Your tenants should understand what they can and can do while renting your property.
Invest in regular rental property inspections
Rental property inspections should not only be conducted before renting a property or after a tenant moves out. Regular inspections are a must to ensure that all the systems are in working condition. You don’t want to end having to pay more because you chose to skip your HVAC maintenance months ago. Your tenants will also appreciate your effort by conducting regular inspections.
Maintain a good relationship with your tenants
It does not matter if you manage your rental property on your own or have a property manager. It pays to build a good relationship with your tenants. Maintain good communication with them. Give them your contact details so that you can answer their questions on time.
Owning and managing a rental property require great communication, patience, and transparency. If you fail in one area, then you can have a hard time reducing your risks and attracting good tenants.