Being a landlord can be a lot of fun, despite the annoyingly medieval name. There’s nothing like finding an amazing property, giving it a little TLC and then finding a tenant who is willing to pay for it. There’s something primal and deeply capitalistic about the whole enterprise.
If you’re thinking about becoming a landlord, don’t just jump in without giving it any thought. It’s hard to find a property that’s just ready to go and will provide you with a reliable rental income. More often than not, you need to find ways to increase your rental property income to make renting out worthwhile.
Take Your Role As Landlord Seriously
It’s a bad idea to show up to a viewing, dressed as if you’re going to a baseball game. It suggests to potential clients that you’re a lowballer, not even prepared to look the part for the sake of doing business. They’re much less likely to take you seriously, and you won’t be able to charge as much money. Show up to viewings dressed to impress. If you can’t do that, then investigate which property management companies in your area will do it for you.
Keep Applications And Pens On Site
When you open up a new property for rent, it can often be hard keeping track of all the people who want to look around. That’s why it’s a good idea to keep pens and application forms on the site so that you can keep track of all of the people who have looked around. This helps you put faces to names. But more importantly, it allows you to keep track of people’s jobs so that you know as much about a tenant’s employment situation as possible.
Make Your Appliances Look Good As New
There’s nothing worse than spending hundreds of dollars a month, renting out a flat, and having to put up with ancient, substandard appliances. In fact, bad appliances can make or break a tenancy deal. Make the appliances in your property look better by giving them a thorough clean and disinfecting them throughout. You don’t have to buy brand new, just ensure that they are refurbished as to look like new.
Focus On The Entryway
You know how you’ve been told over and over again that first impressions are the most important? Well, what’s the first part of a property that potential tenants will see? It’s the entryway, of course. Top landlords always focus the majority of their renovation budget on tidying up the area around the front door, as this will shape perceptions of the rest of the property. A new lick of paint on the door as well as on the walls can really help work wonders and go some way to covering up the fact that the rest of the house is a dive.
Get The Property Professionally Scrubbed
No matter how hard you try, you’ll never be able to clean your property like a professional can. They have specialist equipment and tools, not to mention bags of know-how. Tenants want a sterile environment, free from the detritus of the previous owner.