As a landlord, your rental property is one of your most important assets. It’s how you make your living, and it’s important to keep it in good condition so you can continue to draw in tenants and earn a healthy return on your investment. Here are four tips and tricks that every landlord should use to help manage their rental property more effectively.
1. Monthly Rental vs Daily Rental
When deciding on a rental rate, you have the option of charging by month or by day. Which one is better? It depends on your property and your target market. Monthly rentals are more common for long-term tenants, such as families or professionals who are looking for a place to live for at least six months to a year. Daily rentals, on the other hand, work well for short-term stays, such as vacationers or business travelers, especially if you plan on making an Airbnb out of your rental property. For this purpose, you are going to need proper Airbnb property management to make everything go smoothly. Additionally, if you live in an area with a lot of seasonal tourists, daily rentals can be more profitable since you can charge a premium for your property during peak times.
2. Find a Good Tenant Screening Service
Finding good tenants is one of the most important aspects of being a landlord. You want to find someone who will pay their rent on time, take care of your property, and not cause any problems. The best way to find good tenants is to use a tenant screening service. These services will run a background check on potential tenants and provide you with information on their rental history, employment history, and credit score. This information is invaluable when making a decision on who to rent to.
3. Use Technology to Your Advantage
There are a lot of great rental property management software programs out there that can make your life as a landlord a lot easier. These programs can help you keep track of your finances, schedule repairs, and maintenance, and even collect rent online. Using one of these programs can save you a lot of time and hassle in the long run. Keeping good records is important for any business, but it’s especially important for landlords. You need to keep track of all your income and expenses, as well as repair and maintenance records. This information will come in handy if you ever need to file an insurance claim or go to court over a dispute with a tenant.
4. Hire a Property Manager
If you own multiple rental properties or live far away from your rental property, it might be a good idea to hire a property manager. A property manager can handle all the day-to-day tasks of being a landlord, such as screening tenants, collecting rent, and dealing with repairs and maintenance issues. They will also be able to advise you on the answers to questions like “Should you request a guarantor?” and “What happens if I need to evict a tenant?” This can take a lot of the stress out of being a landlord and allow you to focus on other things.
While being a landlord comes with its fair share of challenges, following these tips can help you stay organized and on top of things. By using technology to your advantage, keeping good records, and finding good tenants, you’ll be well on your way to success. And, if you need help, don’t hesitate to hire a property manager.
