There’s a lot that goes into being a good landlord. You need to keep your finances intact, remain professional with your tenants, market your rentals, and manage your properties efficiently. That’s a lot of pressure.
Even if managing your rental properties isn’t your full-time job, it’s still a business that could fail if you don’t take it seriously. Fortunately, we’ve compiled a few tips to help make the process of owning and managing a rental property a little easier.
Research your local, state, and federal laws
Real estate and rental investments come with regulations. Before you can move ahead with your business plans and investments, you need to know these regulations front to back along with other local, state, and federal laws.
The last thing you want to do is make a major financial decision without knowing all the necessary laws. Legal problems can not only hurt your finances but they can also damage your reputation.
Learn how to market your rentals like a professional
Over 62.5% of mobile searches are already zero-click searches. You don’t want a rental listing that sends potential tenants scrolling right by it.
A property’s exterior is the first thing that a potential tenant sees. You want to be sure to capture their eye. Fall and winter are considered the perfect seasons to transplant bushes, shrubs, and trees as long as the ground isn’t frozen.
Once your curb appeal is looking better, hire a professional photographer. There are 400 million entrepreneurs worldwide and 140,000 professional photographers working in the US, so you’ll be able to find a freelancer that meets your needs.
Decide if you want to hire a property manager
Many landlords decide to hire a property manager to keep themselves from getting overwhelmed with landlord responsibilities. Property managers help market your properties, collect rent payments, and deal with tenant issues.
Hiring a property manager is also a great idea if you’re not very maintenance-savvy but want the peace-of-mind that your property is being maintained in a professional manner.
Figure out a maintenance schedule
As a homeowner, you may be able to get away with letting your roof leak before you can afford to get it fixed. But as a landlord, you’re responsible for the well-being of your tenants.
Set up a maintenance schedule for your rental property so you know what to expect in terms of seasonal property management and pricing. For example, about 50% of steel is used in infrastructure including the construction of your property’s plumbing system. To keep that steel from corroding, your property’s plumbing system needs to be serviced at least twice a year.
Gutter systems, roofing, water heaters, and other features around your property also need regular maintenance. Creating a maintenance schedule helps keep your property in great shape so you can focus on making small repairs before they become expensive problems.
It’s no secret that being a landlord is a lot of hard work. But by following the tips above, you can set your rental business in the right direction.