How To Manage Your Rental Property
Owning rental property is not right for everyone, but it can be an excellent way for you to get into the rental housing market, earn extra income, and build long-term wealth. There are many pitfalls and risks you should consider before putting down a rental deposit and agreeing to a lease. But with the right information and guidance, the process can be made as smooth as possible for you and your tenants.
Conduct Pre-Lease Inspections
The first step in managing rental property successfully is to conduct inspections before your tenants move in. You’ll want to make sure the property is in good condition and ready for habitation. Have friends or family members help you inspect the property, especially if you’re a first-time landlord. Ask them to look for problems and note what they find in a journal so you can follow up later. If a lot of litter has accumulated, for example, you might want to hire a street sweeping Seattle service before your tenants move in.
Screen Your Tenants
Inspections are important, but they won’t help you if you get bad tenants. The wrong tenants can ruin even the best property. As a landlord, you need to carefully screen tenants and then do what you can to help them succeed. Your tenants should be able to pay the rent on time, respect your property, follow lease and house rules, and take care of their own household chores. It’s also a good idea to screen tenants for any bad habits like partying or illegal activities.
Plan for Success
Success as a landlord comes down to two things: communication and consistency. Communication is key to any relationship, and it’s doubly important as a landlord. You will need to communicate with your tenants to get permission to do repairs, agree to increases in rent, and handle other tenant issues. Also, you want to be consistent in your approach to managing your rental property, and you don’t want to be all over the place with the enforcement of rules and handling issues. Being consistent will help you avoid confusion and build trust with your tenants.
As a new landlord, you may find it hard to stay on top of everything. This is especially the case if you have a lot of tenants and a lot of property to manage. But with patience and follow-through, you can make the most out of your business and get ahead.
