If you’ve recently thought of or have invested in a property for rental purposes, you might be thinking about how you’re going to play the role of landlord. It’s not as simple as you may think it is, because you have to be able to trust complete strangers with your property on their word that they’re going to be able to pay rent. Not only that, but you need to make sure the property is kept in good condition and is a great option for those looking for a place to stay.
It can be a lot of work, and it can take you quite a lot of time before you’re able to make money back from your investment – so you need to be patient because it’s not a fast returns kind of investment.
Go through a property manager
You don’t want to hand over the keys to your property to any stranger from the street, you want to make sure you know enough about them to make them trustworthy. You need people who are going to be able to abide by the rules, and who are able to keep up with the agreed payments. To do that, you should consider going through a property manager, or lettings agents to help you make sure you get someone reasonable. Screening all of the possible tenants yourself can be very time-consuming, and it can take the experience to find the right tenants for your property.
Set reasonable rules
Setting rules is important if you’re going to trust people with your property, but you have to make sure the rules are reasonable. It’s okay to put rules in place that protect your investment, but make sure not to intrude on others’ freedom and comfort, as it will prevent people from wanting to live under your roof. The rules you set need to be firm, yet flexible enough that people feel like they’re at home.
If you don’t enforce your rules, then you may find that some tenants push even further past them, and you end up with large costs and problems on your hands.
Compare your prices
Rules aren’t the only thing that could put off potential tenants, your prices are also something that needs to take a lot of consideration. There are a lot of factors that will come into how you price your property, and all of them need to be explored extensively. First of all, check out the other properties in your area. What kind of price are they asking? You should know this before you invest in the property, but it doesn’t hurt to double-check.
You should also make sure your property is worth as much as the others. Does it have the luxuries that the other rental options had? Does it appear and feel the same quality? If so, then you’re good to put up your competitive price, and it won’t be too daunting a number for tenants in your area.