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Properly caring for your first rental property

Published by Atul Kumar Pandey on July 6, 2022.

A well-maintained rental property can net you a considerable amount of passive income each month, especially if it’s located in an in-demand area. However, simply purchasing property in a desirable locale isn’t enough – you’ll also need to care for that property and make it a comfortable place to live. Fortunately, this isn’t nearly as difficult as some landlords make it look. So, in the interest of keeping your tenants happy – and attracting new rental applicants – put the following pointers to good use.

House

Don’t sleep on important renovations.

There are a variety of reasons for which rental property owners undertake large-scale renovations. In some instances, renovations are purely a cosmetic choice. Other times, they’re undertaken for the purpose of making property safer and more livable. When dealing with the latter, it’s in your best interest to get them done posthaste.

Modern kitchen

The longer important renovations are placed on the backburner, the less livable a property is liable to become. And as any longtime landlord can attest, allowing small issues to linger is likely to lead to much larger – and costlier – problems down the line. Additionally, when considering how to add value to real estate, never underestimate the benefits of much-needed renovations.

Don’t skimp on tenant screening.

Failing to treat tenant screening with due importance is liable to cause serious damage to the profitability of your property. Depending on where the property is based, evicting tenants for non-payment of rent and/or damage caused to the property can prove extremely difficult. While there’s no surefire way to weed out problematic rental applicants, putting genuine time and effort into tenant screening can dramatically reduce your odds of winding up with difficult renters.

Unfortunately, far too many landlords fail to carry out proper screening measures, often resulting in them taking on tenants who can’t afford rent or causing considerable damage to their property. With this in mind, make sure to subject every applicant to a thorough screening process.

To start with, confirm that each applicant has enough income to comfortably afford their rent. This typically involves requesting credit scores, pay stubs, and letters from employers. Additionally, applicants who lack consistent income will need to have dependable cosigners.

With each applicant’s permission, you’ll also need to run criminal background checks. It’s important to note that past criminal convictions shouldn’t completely preclude someone from being able to rent from you. However, if the crimes of which an applicant was convicted could potentially cause harm to other residents or the property, they may not represent a safe choice.

Lastly, make a point of contacting any references listed on applications. Some applicants will list fake references under the assumption that landlords will never reach out to them – and they’re often right.

Hire an experienced property manager.

Not all landlords have the bandwidth to treat property management like a full-time job. In many cases, these individuals have other properties to oversee and/or day jobs that are completely unrelated to being a landlord. So, if you’re unable to spend each day overseeing your rental property, you can benefit from enlisting the services of a professional property manager.

As the job title suggests, this person will be responsible for overseeing every aspect of day-to-day property management, including dealing with tenant concerns, delegating maintenance tasks, and keeping track of rent payments. While you’ll ultimately have the final say over every decision, your property manager will essentially serve as your proxy and make informed choices on your behalf.

Even if you intend to regard property management as your full-time occupation, it never hurts to have a reliable property manager in your employ. In fact, depending on the size of your property, how much maintenance it requires, and the number of tenants you have, you may need a property manager to keep your workload manageable.

It is imperative for landlords to prioritize property maintenance and upkeep. Given how enormous an investment the average rental property represents, it’s only fitting that property owners would seek to protect these investments – and in the absence of proper maintenance, you’re liable to have a hard time doing that. Furthermore, failure to take proper care of rental properties stands to draw the ire of tenants and result in diminished renter retention rates. So, if you’re looking to keep your first rental property in prime condition, take the previously discussed tips to heart.

A well-maintained rental property can net you a considerable amount of passive income each month, especially if it’s located in an in-demand area. However, simply purchasing property in a desirable locale isn’t enough – you’ll also need to care for that property and make it a comfortable place to live. Fortunately, this isn’t nearly as difficult as some landlords make it look. So, in the interest of keeping your tenants happy – and attracting new rental applicants – put the following pointers to good use.

Categorized in Business and tagged in , , , , .

Published by Atul Kumar Pandey

Atul Kumar Pandey is a creator of atulhost. Being a business management graduate, he has a flair for business writing but also likes to dabble in technological trends. He is a voracious reader and an avid tech tester and loves to try new things.

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