In last month’s blog, we talked about how to find the right rental investment property. But, once you’ve found the right place, then what? Here are a few suggestions for finding a good tenant and keeping them.
An important decision when renting out a property is how much rent to charge. Take the time to decide what you want by way of a tenant. For example, if you decide to charge market value or higher, you may get a good initial return on your investment, but you could also end up with a higher turnover of tenants or someone not as financially responsible as you’d like. On the other hand, if you charge slightly less than the market value, you will gain more interest in your property and have more potential renters to choose from. You will probably find that the tenant will stay longer as well.
Keep the property well maintained. Unexpected expenses relating to the rental property will arise, so put some of the rental income aside to cover these costs and don’t delay making needed repairs.
Your property must conform to local laws regarding rental housing. For example, each bedroom has to meet certain standards, this is for the safety of the tenants in case of fire, etc. If you do not follow these regulations you could find yourself in trouble.
Each time a tenant leaves and a new one moves in, give the home a thorough cleaning and fresh coat of paint. Ensure there are no safety hazards. Remember to take care of the welfare and needs of the tenant, and you will become a successful landlord.
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