When you’re a property owner who rents out, you have a lot of different obligations towards your tenants and your property
You must take care of everything and make everyone around you happy. Failing to meet these obligations can lead to several problems, making it difficult for anyone to become a landlord, let alone a successful one.
Below is an outline of the essential skills and steps required to excel in this role.
Table of Contents
Take responsibility
As a landlord, it’s essential to understand the responsibility involved in leasing your property.
You are accountable for ensuring the safety and well-being of your tenants and the property itself. This can be quite demanding, and not everyone can handle it. Assess whether you’re up for the challenge, and if not, consider other options for your property.
When you’re prepared to take on this responsibility only then can you ensure the success of your venture as a landlord.
Prepare your property
Before showing your property to potential tenants, you need to ensure it’s in good condition. This means making necessary repairs and ensuring all the appliances and everything around is in working order. Also, you have to confirm no visible damage to the furniture.
It’s recommended to make a rule that all tenants must perform a complete end of lease cleaning before they leave the property.
This way, your furniture and surfaces will be fully refreshed after people leave, and you will be ready to rent out again more quickly.
Talk with professionals
It may seem that you’ll be able to handle everything alone, but don’t be so sure. There are many things you probably don’t know.
This is why it’s a good idea to consult with an attorney and other experts, such as tax consultants and real estate agents, to ensure you abide by all the property-related rules, regulations and taxes.
Professional assistance can ensure that you’re avoiding any legal complications that may arise. These experts can also offer advice on how to set up lease agreements, handle security deposits, and manage tenant disputes.
The price
Determine a fair price for your property by conducting thorough research on other properties in your neighbourhood. It’s essential to remember that most renters are looking for value for their money, so setting a competitive price will attract more potential tenants.
However, it’s important not to undervalue your property, as this may attract low-quality tenants who can cause damage or fail to pay rent on time. On the other hand, pricing your property too high may deter any interest and leave you with vacant property.
Highlighting your property’s unique features and selling points is essential to attract more interest. By showcasing your apartment’s good sides, such as location, amenities, or recent renovations, you’ll make it more desirable to potential tenants.
Advertise effectively
To attract the right tenants, you need to advertise your property effectively. This means creating an appealing listing with photos and a detailed description. After all, a picture is worth a thousand words, so take high-quality photos of your property. You can use a professional camera or hire a photographer for this job.
Consider using popular websites offering online listings to reach a wider audience. Also, utilise platforms like Facebook, Instagram, and Twitter to help you promote the property effectively. Be sure to incorporate relevant hashtags and target your audience to optimise the effectiveness of your marketing efforts.
Make sure it’s safe
The safety of your building must be a top priority for you, and there should be no compromise.
The consequences can be fatal, so you should check if your property has all the needed fire and security alarms and that they are impeccable. Then you should check the gas, the water and the electricity.
After all, these are the three main things every person uses daily, and these systems must be flawless.
Pick your tenants carefully
Even if you do the best job possible, if you pick the wrong tenants, your property could be ruined in a blink of an eye. This is why you must be very careful when deciding whom to give your apartment for lease.
Once you start getting inquiries from potential tenants, check their identities, credit scores and criminal background thoroughly to ensure they won’t be a threat to you and your possessions.
You should also interview them to understand their personality and whether they will fit your property well.
Have a written lease agreement
Once you have found a tenant, you should have a written lease agreement outlining the rental terms.
This should include the length of the lease, the rent amount, and other important details like pet policies and smoking restrictions.
Ensure you and the tenant sign the agreement to avoid misunderstandings.
Manage the property effectively
This is also an essential part of your success as a landlord. It’s crucial to respond to your tenants’ needs, promptly addressing any maintenance issues.
Don’t neglect maintenance concerns simply because they can lead to more significant problems. Problems can also negatively impact tenants’ satisfaction and willingness to renew the lease too.
In an emergency, such as a burst pipe or power outage, it’s vital to have a plan in place and be ready to take action quickly.
Prioritise your property management effectively to ensure that your tenants have a positive renting experience and that your property remains in good condition. This, in turn, can lead to higher satisfaction, lower turnover rates, and, ultimately, more success as a landlord.
End of lease cleaning
As we previously mentioned, end of lease cleaning is another crucial step in ensuring that your property is ready for the next tenant. A thorough cleaning will maintain the property’s overall condition and enhance its appeal to prospective renters.
To achieve the best results, it’s highly recommended to hire a professional cleaning service that specialises in end of lease cleaning. Such companies have the experience and equipment to deep-clean your property and leave it in pristine condition. This can include everything from carpet and upholstery cleaning to window washing and dusting.
Investing in a professional service will help preserve your property’s value and save you time and energy. Rather than spending hours cleaning the property yourself, you can focus on other essential aspects of being a landlord.
In conclusion
You can turn your rental property into a profitable investment, but it requires careful planning and attention to detail.
By implementing the above tips, you can successfully do all that.
Just be prepared to do the necessary work of finding and keeping a reliable tenant.
