Investing in the property industry is sometimes compared to tossing a coin in the air. You do not know if you will catch it or if it will fall down. You are also not sure which side will face the top! It is a tricky investment that you will need a heart of stone to deal with, but the moment it works out for you, the zeros in your bank will rule your account balance.
If you have invested in rental properties or single-family homes, here are some tips to help you keep them ready for occupancy.
1. Properly Prepare Your Home
Tenants are attracted by what is seen on the outside before they get to the inside. With that in mind, landlords and property managers need to ensure that the exterior is in perfect condition. Some of the basic preparations include:
- Spruce up the landscaping
- Service the appliances
- General cleaning
- Change locks
As for the part of cleaning, managers can keep their property ready for occupancy by ensuring the outgoing tenants leave the property clean and free from clutter. This is especially necessary in a busy place like London where rental properties are also competitively in high demand. Luckily, landlords can also hook up their outgoing tenants with providers of affordable end of tenancy cleaning in Chelsea and the surrounding areas. These services can be scheduled online with just a few clicks or a phone call.
2. Find the Perfect Tenants In Advance
Sometimes, landlords want to manage their own property but it is best if they get a slight idea of how to handle tenants. Sometimes, the best tenants end up being the beginning of heavy outstanding utility bills and major damages to your property. It is important to vet your tenants before you let them in. Do a background check of their rental history, financial state, and ask for references or a next of kin in case of anything.
You need to know the kind of person you are about to deal with. You can have an attorney as you write and sign on the tenancy agreement form between you and the tenant in case any issue arises that needs legal intervention. Most importantly, you can have a website where interested tenants show interest in the residence in advance so you have more time to do your scrutiny.
3. Lease and Insurance
If you are still reading, you will notice that property management is not about the monthly rent you receive from your tenants. It could easily crack your head open if you choose to do it on your own and you don’t have enough experience. More on this later but if that is the case, you have to fully comprehend property insurance and lease protocols.
Insurance – Since you are renting out your space, you can choose to have rental insurance from your tenants. That way, you are sure that your property is safe and secure in case of anything.
Lease – This works most for those tenants who are good on your face and stubborn behind your back. On the lease, some terms and conditions should be pointed out to the tenant regarding the property: Besides the usual aspects like payment, rent amount, and so forth, some important clauses may include:
- Utilities the tenant is responsible for
- Yard maintenance
- Who is responsible for repairs
- Modifications and upgrades
- An extra signatory on the lease
- A clause that permits you to inspect the house annually
The good thing is that legal professionals are always available to help. With an experienced property lawyer, creating a lease agreement should not cause you headaches and sleepless nights.
4. Hire a Property Manager
As a landlord, you may feel confident enough to manage your property affairs. That is okay but if you know you don’t have enough time or your managerial skills are a bit wanting, it can be a grave mistake. Remember, it is a business, and you need to make informed decisions.
Also, depending on where the property is located, every state has rules governing landlords and their property. Get to know what rules govern your state in terms of property. But why deal with all that when you can get a property manager to do all the work for you at a fee or commission from the total rent collections? It is more convenient and you will spare more time to invest elsewhere.
Having a rental property is one thing, but keeping it occupied is absolutely another. For you to smile all the way to the bank after every thirty days, you need to keep your property rental-ready. The above are just a few tips to help you make it happen.