What are the Top 5 tips for new Rental Properties?
If you are new to being a landlord, there are basic tips for starting your rental home business.
We have outlined the top 5 tips for beginning rental properties.
1. Research comparable homes in your area.
The best way to determine your home’s rental worth is to see what other homes in the area are
renting for. You want to investigate homes that have similar features and other perks for your
home (such as location!). This research can help you evaluate your local competition and gauge
the range of rental prices in your area. If your property has more to offer in terms of upgrades
you may have made you will be able to set a higher rental price.
2. Keep up on Home Maintenance
Regular home maintenance is important to prevent costly repairs down the road. We have
regularly stressed the importance of routine maintenance on your rental property. From the Air
Conditioner, to the Pool, your home is an asset and maintenance protects that asset. If you
maintain your home’s systems and appliances as per the manufacturer’s instructions, increase
your home’s value.
3. Invest in finding the right Tenants
A Good tenant will treat your property like it’s their own. They will invest in it as their own home
and take pride in it. Meaning you are less likely to find unpleasant surprises when they leave.
Finding quality tenants also means they are less likely to leave, creating a stable source of
income for your property.
4. Require Renter’s Insurance
It is important to arm yourself with knowledge and encourage your renters to do the same.
Requiring Renter’s insurance protects your property and your tenants. Renters insurance can
help you repair or replace property after loss due to many types of damage or theft. It can also
provide coverage for an accident at your residence. Unfortunate events can happen that are not
the fault of your tenants, having insurance protects both of you.
5. Call Alter Property Management
Alter Property Management is a Property Management company founded by investors, for
investors. We will take care of all of the tasks above in a professional and friendly manner. We
employ an innovative rental application process, which is proven to decrease tenant turnover.
Alter Property Management also has an excellent internal team that personally handles around
85% of work orders. Our team works to help tenants find their perfect space while still bringing
the property owner a maximum return on investment.