Following are 5 common questions posed by residential property owners regarding their rental properties:
1. How Do I Rent My Home More Quickly?
There are a few things you can do to rent your home quickly. First of all, make sure it is rent ready. It is important for the home to be in good showing condition at the time that you begin marketing the property. Owners who show their properties when the carpet, walls, yard, or other key elements of the property are not yet rent-ready will face longer vacancies and will have more difficulty in renting out their homes.
Secondly, make sure that you are marketing your property well by posting it on all of the popular real estate websites, networking with realtors and property managers, and targeting specific employers, schools, military bases, or universities near your property to ensure that your home is being exposed to as much potential tenants as possible.
2. What Can I Do to Keep My Property Rented?
Once you find a good tenant, having a proactive tenant retention program will go a long way in keeping your property rented. Providing incentives for renting from you and rewarding good tenants for doing things such as paying the rent on time and taking care of your home will help keep your property rented longer.
3. How Can I Make Rent Collection Faster?
Having the ability to collect rents electronically will ease the rent collection process and increase the timeliness of your rent collection. Having an automated response system in place for the times when rent is not paid on time will also ensure that you are taking the necessary steps to enforce your lease and keep rent collections timely.
4. How Can I Protect Myself Legally?
It is very important to have good legal counsel when owning and managing rental properties. A good attorney will make sure that you have good agreements, are protecting yourself from risk and liability, and can help enforce your agreements when necessary. It is also imperative to keep on top of local and state rules and regulations. Keep informed by checking in with your local real estate commission and learning of all changes to the specific laws affecting rental properties.
5. How Do I Keep Maintenance Costs Down?
National property management associations and partnerships will often provide members discounts at various vendors for products and services used by rental property owners and property managers. By joining these associations, you will be able to take advantage of those discounts as well. It is also wise to conduct regular inspections of your property to make sure that it is being cared for, that regular maintenance is done in a timely manner, and that the lease agreement is being followed.
If you have questions about how to improve the Return on Investment for your rental property, call us at (808) 445-9500.