Five Tips for Making Your Rental Property Stand out From the Pack
Tips for Making Your Rental Property Stand Out from the Pack
Living in a rental property isn’t for everyone, although a consistently occupied rental property can build up a bank account. And one that’s vacant for even a few months can rapidly wear down the savings account. Also, setting a fair rental price gives the solution to keep your rental occupied, and on the rise is differentiating it from competing properties.
Masses of people contemplate renting out their ownership in a down market. Especially when the plan becomes more trouble than it is worth when appropriate considerations are not carried out.
Therefore, first, you must understand the responsibility involved; combined with the benefits of renting are many. Quite a few of the advantages of renting are the ability to generate income that covers the bills, the ease of tax breaks, and possibly even creates a profit.
If you are an owner of any property, whether we are talking apartment buildings, summer homes, or only a bedroom in your house, rental properties can be a worthwhile investment, but most of all, you want to keep a substantial relationship with your tenants to maintain your investment’s value.
While managing rental properties is undoubtedly a burdening task, it is sometimes easier by the tenants to whom you entrust your property. I once had a very reliable tenant who stayed in my condo for five years, and when the time came for him to abandon, the way he had maintained the place impressed even my realtor.
Over the years, I have learned that there are many ways to manage your rental properties favorably, and if these approaches are well-practiced, you can just sit back and watch your money grow.
Here are five helpful tips that will ensure your rental property is thriving with the help of necessary upkeep on your investments.
1: Protect your property with a lease.
Remember that even if you are loaning it out to someone else, what you own is rightfully yours. Whether you get a tenant who wishes to rent your property for a decade or more or a college student only borrowing a room to be closer to a summer internship, a lease is necessary for each party to understand their duties as far as the property is concerned. Any good contract should at least include:
• A leasing term defined either by the month or by the year depending on the circumstances
• Security deposits of either a month’s rent or two months’ rent; as a landlord, never agree to low payment
• Give due dates for rent payments
• A detailed account of who handles which repairs and the proper process for taking care of them
• All policies involving pets and behavior, such as quiet hours, visiting hours, and the animals—if any—that are allowed on the property
• Any homeowner association rules, whether they might affect the tenant, and how those effects may manifest
• Eviction terms should the tenant breach the contract
Remember that a good lease should favor both the landlord and his tenant as equally possible. It should also comply with fair housing standards, which includes health and safety concerns.
2: Determine early how much rent you want to charge your tenants.
As a property owner, know the value of your property – and if you do not, there are many ways to find out what it is. You should also know how much you wish to earn from it whenever you rent it out (and make sure that the number is reasonable). Until you secure a tenant, your charges do not have to be final – and they may even vary depending on each tenant’s circumstances. However, before you make that decision, it would help to consider other factors such as other neighborhood homes and the prices to rent similar properties in the area.
3: Find yourself a good tenant.
The ultimate power to decide who lives on your property lies with you. I know a good tenant when I see one, but this ability has come from years of experience working with property rentals. If you are an amateur at managing your rental property, set up a support network before taking on any tenants. Get advice or direct help from an agency and gather necessary information on your tenants (you can have a form as a requirement for applying for space) before agreeing to any arrangements.
4: Properly maintain your rental property.
Managing your rental property is always not only about keeping tenants in the property. It also involves making sure that you have constant maintenance, so it still plays well in the property market. No one wants to live on a property with overgrown lawns, cracks in the walls, or terrible lighting. Regular cleaning and repairs will go a long way towards attracting potential tenants.
5: Choose an appropriate insurance policy to protect your property.
So, despite all your solid plans and preparations, something goes wrong, and your property gets damaged or destroyed. Where such situations are concerned, insurance policies are the proverbial shoulder to cry on. The insurance policy that you secure for your rental property (if applicable) should differ from the one you use for your primary home. You can always dip into the coverage if you need help with your property maintenance and so on.
Five Tips for Making Your Rental Property Stand Out from the Pack
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Zumper New National Rent Report: September 2015
Renting in America
Number of renters
Number of landlords
New renters per day
New landlords per day
Average monthly rent
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© 2015 Pam Morris