In these days of economic uncertainty, many people are looking for a passive income stream to help create financial security for themselves. One of the best ways to do this is to turn a property you own into a long-term rental. An investment property can be a fantastic business proposition but it can also be scary or overwhelming, especially if you have never done it before. We have some tips to get you started. AirBnb Management company is a top rated company for property managers, our managers handle the visitors with the ease. Have a look on our site for best deals.
Make the House a Home
The goal of any landlord is occupancy. The easiest way to get renters is to make sure your house is both functional and inviting. Unless you are planning on renting the home fully furnished, remove everything before you show it. This gives potential renters the opportunity to imagine the place as their own, with their own furniture and decor in it.
Make sure the house is clean and take care of all repairs before you show it. A home that is well-maintained is more likely to attract responsible tenants. And when listing the place, don’t skimp on the details. Take high quality pictures of both the inside and outside and use a well-written description. Don’t be afraid to enlist support for this, especially if you are not much of a writer.
The Right Tenant for You
The right renter can make a huge difference, both in your stress level and ease of long-term management. Screen potential renters diligently. Don’t take the first applicant just to get someone in the place. To help you filter out unreliable tenants:
- Require security deposits and/or earnest deposits
- Require application fees
- Perform full background and rental history checks
Make sure you meet your potential renters before you sign a lease with them. You will be entering into a long-term relationship with these people, in which you could be communicating often. Be sure it is someone you want to be in a business relationship with.
Once you find the right renters for you, treat them with respect. Be a landlord of your word. If you say you are going to do something, do it.
Protect Yourself
The landlord-tenant relationship is a legal one. Make sure you know the landlord-tenant laws in your state, as well as your rights and those of your tenants. Things like how large a security deposit you can require and how long you can hold it, notice requirements to enter the property and time frames to complete repairs are set forth in these laws, and there can be legal ramifications if not met.
Protect yourself from liability issues and lawsuits by requiring tenants to get their own renters insurance. This will not only reduce the possibility of a lawsuit should something happen, it also makes prompt cleanup more likely. It’s helpful for your tenants, too. Requiring renters insurance isn’t likely to be a deal-breaker, either; companies like Protect Your Bubble offer renters insurance for less than $30 a month.
Whatever you do, don’t be afraid to ask for help. Groups like LandlordAssociation.org offer tips to help the process go smoothly.
