This post may earn affiliate income from links and/or review products to help support this site from the companies .
At the moment, there is a property shortage. Because of this, sale and rental prices are through the roof. If you are a property owner then there has never been a better time to rent yours out than now.
However, if you are planning on becoming a landlord, you need to make sure that you offer your tenants a quality experience. The better that your tenants’ experiences living in your properties are, the more money that you will be able to charge.
Here is how you can become a fantastic landlord and host and make lots of money from renting out properties.
Property Management
If you want to rent out your property, then it is a very good idea to work with a property management company. The reason for this is that a property management company will be able to take care of your house or apartment for you, ensuring that maintenance is performed. In addition to performing maintenance for you, according to the experts from Duval Property Management, they will also be able to take professional photographs and market your property for you. If you are interested in leasing property short-term, then a management service will also be able to launder clothes and perform inventory checks and maintenance.
Before working with a property management company, you need to be sure that the service that they offer is high-quality. The best way to do this is to read their reviews.
Be Reliable
If you want to be a good landlord, then you need to be reliable. Unfortunately, this is where most landlords let themselves down. In order to be reliable as a landlord, you need to make sure that you are always available for your tenants. Whether it’s 2 a.m. on a Sunday or Christmas Day if your tenants call you with a complaint you need to be there for them. If you aren’t reliable, then they won’t want to renew their lease at the end of their tenancy period. Nobody wants to deal with unreliable landlords.
All-inclusive
Another good way to be a better landlord is to offer your property with all of its bills included. All-inclusive bills are an extremely effective way of attracting new tenants, as well as making yourself look good. Energy bills are extremely high at the moment, however, so you may have to put a cap on the amount of energy that your tenants are allowed to use. Some landlords choose not to offer all-inclusive energy bills, but they do include Wi-Fi and water bills in the property’s final rental cost. Make sure to specify that bills are included in the property’s listing if you are going to do this.
Have Respect
You need to make sure that you have respect for your tenants. There’s nothing more annoying than having to deal with a disrespectful landlord. A lot of people think that they have a right to be disrespectful to their tenants because they own the property that they are living in, but this is not true. If anything, landlords should be grateful that tenants are living there and paying their bills on time. If you are disrespectful or inappropriate with your tenants, then they may choose not to renew their tenancy.
Distance Yourself
Distance yourself from your tenants, too. A lot of landlords can be very overbearing, which makes living in their properties extremely difficult. Some landlords pop around once or twice a month without warning, in addition to performing regular property inspections. While property inspections are important and do need to be conducted, they don’t need to be conducted once a month. If you disturb your tenants or pop round to their houses unexpectedly, then they could take legal action against you. It’s illegal in most places to turn up at properties you are renting out and to let yourself in.
Act Fast
Finally, if your tenants ever get in touch with you and notify you that they need repairs to be made to something, make sure that you act fast. The worst thing that you can do when you have people living on your property is to not perform repairs quickly. Not only does delaying repairs mean that your tenants won’t be able to use things or their lives might become uncomfortable, but it also means that whatever the problem is, it’s only going to get worse and cost you more money in the future. Make sure that you make repairs as quickly as you can when tenants report problems.
If you want to rent out property short- or long-term, then you need to be a good landlord. People won’t want to stay on your property (or extend their lease) if they discover that you are a negligent landlord.
