Buying a multi-family unit or a single-family house in Wimbledon is only the initial step as a property investor. The next step is managing your rentals, which involves overwhelming responsibilities. Some of the tasks include placing ads, answering countless phone calls, showing properties, doing maintenance and inspection, managing tenants, and taking care of finances. Here are some ways to increase your chances of success in the rental business:
1. Market your property
Advertising your rental unit is a crucial step to bring in more tenants and prevent your listing from lingering in the market. Start from deep-cleaning your property and taking great photos of the empty unit. Be honest with the details of your listing and avoid flowery language. List all the features, amenities, and other details such as the size of your property, pet policy, rent, deposit amounts, and your contact information.
List everywhere: newspaper ads, social media, and free listing websites. Put sleek signage on the front lawn or prominent window to grab the attention of the local traffic. Inform your tenants, family, and friends about the vacancy and let them spread the word to their network.
2. Find the right tenants and make them stay
A bad tenant can cause financial and legal headaches. Make sure to screen applicants thoroughly by running credit and criminal background check. Contact their employers to verify their income and reach out to their prior landlords to know their behavior. It’s a good sign if they are respectful of their neighbors, paid rent on time, and left the unit in good condition.
Once you’ve found the right tenants, make sure to keep them longer. Make them happy by staying on top of maintenance. No one wants to live in a house with constant plumbing issues and other inconveniences. Be proactive with maintenance and perform regular property inspections.
Establish a good relationship with your tenants by being professional, responsive, and respecting their privacy. If you own a multi-family residence, it is essential to deal with disruptive tenants promptly. Your ideal tenants will likely move out of your property if other renters undermine their ability to live peacefully.
3. Hire a property manager
Not all people are gifted with excellent property management skills and have the time to accomplish the long list of landlord’s responsibilities. If you find them overwhelming, you can let a property manager do the work for you. Your property manager will screen tenants, show the property, manage repairs, address complaints, collect rent, and even handle evictions.
A professional manager knows the regulations that govern tenancy agreements and can protect you from vulnerabilities and potential lawsuits. A specialist also understands market movements so he can determine the optimal rent rate of your property to avoid extended periods of vacancy. By hiring a property manager, you get less stress, more freedom, and more time to discover investment opportunities.
Investing in rental properties can be financially rewarding, but not knowing how to manage it right can result in the demise of your investment. To succeed, you have to educate yourself about property management, ask advice from experienced landlords, or hire a pro to conduct the day-to-day management of your income property.