10 Tips for First-Time Landlords
Owning rental property is advantageous in various ways. As such, you can earn more income via rent and increase your net worth. Even so, if you’re a first-time landlord, you must consider hiring a rental management services company to help you get the most from your property investment.
You can also follow some tips to help you make the right decisions.
Go tenant hunting
To become a landlord, you need to search for tenants. To spread the word about your rental property, you can use the services of apartment listings. You have a variety of property sites to choose from. However, make sure you research the property-related websites before doing business with them.
Under the rent management system, to advertise your property, you have to write a short description of your unit and post some striking photos. Plus, you must give details about the address and the rent costs.
Select tenants wisely
To gain success in the rental game, you must select your tenants wisely. Yes, you want occupants who can afford to pay rent and stay for a long time or at least about a year.
Importantly, you must conduct background checks and study their criminal history and credit score beforehand. Additionally, you must meet the potential tenants to know about them.
Maintain a written record
Always follow a paper trail for any dealings with your tenants. Ensure that all agreements between you and your tenant are signed and in written form. Of course, you might be tempted to skip the legalities, but you may then end up losing rent money if they refuse to pay up or move out as agreed upon.
The lease agreement between both parties should contain details about the property, rent rates, and stay duration. The contract must have details about the expenses that the tenants have to incur.
If you need help drawing a lease agreement, you can consult a professional rental property management company.
Account for your taxes
Some first-time landlords work with tax planners or accountants who have experience filing taxes for landowners. These professionals can guide you in managing your expenses and documents. More so, they can determine if you’re charging rent as per the market standards.
Determine your working hours
Communicate to your tenants that you’re available at only specific working hours. If they call at odd hours, let it go to your voicemail. Call back only in case of urgencies.
Do not rent to friends and family.
All rental property management service companies’ general recommendation is to refrain from renting your property to family members or friends. Many relationships have gone haywire when doing so. Evicting strangers is far more accessible, as well.
Take photos before and after renting.
A good strategy to safeguard your interests is to click photos before the tenants move in. Then, you have a record of any existing issues and can deduct money for any repairs from the security deposit.
Simplify the payment process
Talk to your tenants about the payment modes that are most convenient for them. With easy payment systems, you’re more likely to receive rent on time. Online payments are the popular payment methods to collect rent. Or, you can avail of the services of a reputed property management company in Delhi NCR for your rent collection needs.
Hire a Property Management Company
Hiring NRI property management services is beneficial in many ways. Yes, the property specialists offer guidance on managing your rental property. Besides screening the tenants, they can also help marketing your property and rent collection.
Sell the ultimate living experience.
For attracting tenants, you can work with renowned interior designing Delhi firms to redo your unit with furniture and furnishing items. A beautifully-decorated home can invite many inquiries, and you can choose the best ones from the lot.
Applying a fresh coat of paint, and using scented candles for a sweet fragrance, when they come visiting are other ways of drawing tenants.
As a first-time landlord, you’re bound to make some mistakes. Nonetheless, do not be disheartened if that is the case. If you fail, get back and try again. Remember, life is a learning experience. Only keep in mind to be honest in your businesses with others, which adds to your credibility.