There is no doubt that being a landlord is quite the commitment. After all, there is always something to be done, accompanied by a fair amount of responsibility.
From start to finish, you may find yourself quite busy finding the right tenants, creating rental agreements, collecting rent, and maintaining your property.
However, being a landlord can absolutely pay off with careful planning, well-thought-out partnerships, and a clear direction for your operations. You just need to know what to expect and keep a few “best practices” in your back pocket.
Here, we discuss the top ways a landlord can ensure their rental properties stay on track for success and how to be the most productive.
Let’s begin –
#1. Do Your Research & Have a Plan
Becoming a landlord is a huge responsibility. You will want to carefully consider and plan for a lot before you take the plunge.
Be sure to do your research, hire a real estate agent, understand all of the related laws and regulations, as well as get prepared both financially and mentally. Although becoming a landlord can pay off, it does take time and work to do it right and create a successful operation. So, educate yourself and start preparing ahead of time.
#2. Choose Rental Properties Carefully
When choosing a rental property as an investment, there are many aspects you’ll need to think about in order to achieve the best possible outcome.
Before you invest, some of the things you’ll need to consider include:
- The location
- Whether you are looking for long or short term tenants
- Whether or not it is the right type of property for you
- What your budget is
- Whether you should buy or finance
- Consulting your real estate agent
Choosing a rental property is a wise investment that should be carefully considered without too much haste.
#3. Treat Your Rental Operation Like the Business it Is
Rental properties are more than a little extra income; you are officially running a business operation when you decide to take on tenants.
Although being a landlord can be a very personal and rewarding experience, it’s critical to keep in mind that it is a business that needs to be run efficiently and consistently for optimal results.
Bonus Tips:
- Hire help
- Maintain a professional image
- Create a stringent vetting system for tenants and stick to it
#4. Take the Paperwork Seriously
The importance of a clear and organized paper trail cannot be overstated enough when it comes to rental properties!
You will want to keep a careful record of every aspect of your rental business to ensure all runs smoothly and that a strong paper trail backs you if legal issues ever were to arise.
Note: if you are not organized enough to do this efficiently, it’s important that you hire someone who is!
#5. Take Advantage of Online Marketing
Almost all of today’s tenants find their rental options through online marketing services. If you want to ensure your units stay occupied and continue to accumulate income, do what it takes to get your listings seen and applied for. Trust your real estate agent to help you with this critical aspect of the rental process.
#6. Consider Home Service Professionals
As a landlord, you will absolutely have things break, stop working, and need to be replaced; It’s all just part of the job. To ensure this aspect of your renting business is always under control, be sure to build a strong list of local home service providers you can trust to meet your needs with quality work and at a reasonable price.
#7. Do Your Best to Take Care of Your Tenants
At the end of the day, one of the most important aspects of a successful landlord business (aside from protecting your investment, of course) is keeping your tenants happy!
Happy tenants stay as long as they can, take care of your property, and may even bring you future business.
Tips for Keeping Happy Tenants:
- Address repairs/problems professionally and in a timely manner
- Always be kind and considerate
- Respect their privacy and show appreciation where you can
#8. Consider Hiring an Expert Property Manager
Last but certainly not least, consider hiring an expert property management company in order to reach your fullest potential.
An experienced property management team will be able to help you organize and maintain a straightforward process for managing and growing your rental properties from the inside out.
The best way to find the right property management team is to speak with your real estate agent to get sound advice and recommendations that are local to your properties.
Start Your Property Investment Journey Off Right with Key Realtors
At Key Realtors, we are more than happy to help you become the best landlord you can be.
From assisting you in finding the right properties to guiding you through the management process, we offer everything you need to become successful.
Give our team a call today at 281-454-4500 to learn more about what we have to offer!
