If you are a landlord, especially a new landlord, you need to know how to maximize your return on your investment. Here are our top five tips for the best property management practices.
1) Find good renters
You need a process to screen prospective tenants. Responsible tenants will pay on time and leave your property in good shape. A simple credit check can reveal a lot, but it is not the whole story. You need to know the applicant's rental history as well. Find out more with a free tenant check here.
Market your property. Do more than just rely on word of mouth. A good promotional effort will bring in clients who might never otherwise hear about your property. Depending on your rental market, applicants may bring more to the table than just a first and last and a security deposit. In a hot market, applicants may offer to take over maintenance, pay part of the taxes or more.
Maintain profitability and make sure your property is not abused with a regular maintenance and management schedule. You do not have to walk in to look around. Drive by and inspect the premises. That will tell you a lot.
4) Fit a niche
Every rental market is different and each one has its own set of needs. Find out what the biggest rental or lease need in your community is. When you find a high demand, better rents and more profits are sure to follow.
If you have a staff, make sure they are trained. Office staff needs to understand rental law in your state. (We have blog posts on that.) Maintenance staff needs to be trained in the current building codes for your area. Training pays dividends in better rents and fewer headaches from tenants.