Could a rental property fund your lifestyle or retirement? Creating a passive income stream seems like a dream, but it can easily become your reality.
If you’re ready to rent out your property, you’re understandably nervous about trusting your home to tenants and about how to manage the process.
Read on to learn our top five property management tips that can help you earn the highest possible rent while minimizing stress. Get started today and start enjoying the extra income!
1. Use a Reputable Property Management Company
Property rent management can be more complex than you might think. Instead of tearing your hair out trying to sort through the legal and financial requirements of renting your home, hire a property management company.
Local property management companies, like Corona Property Management, take the stress off landlords by looking after all of the needs of your property, which can be useful if you live far away.
2. Invest in Property Upgrades
Potential tenants are looking for amenities in the home, like stainless steel appliances, hardwood floors, and air conditioning.
If you want to get the highest possible rent in your area, you need to be prepared to invest in the property.
Keep it looking new, modern, and stylish, and you’ll find it easier to rent out at a premium.
3. Screen Tenants Effectively
Long-term, trustworthy tenants are like gold. If you want reliable tenants who will look after your property and pay rent on time, you’ll need to screen applicants properly.
Ask for both personal and professional references, as well as a referral from their last rental property. Follow up with phone calls to each reference to learn more.
Although it can be tempting to find a tenant fast to start earning, it’s worth waiting until you can find the right person for your property.
4. Check Your State’s Laws on Pets
Many landlords are hesitant on pets, due to the potential damage they can do to a property. Before deciding on a pet policy, make sure you’re familiar with any HOA or state law regulations on pets, to make sure you’re on the right side of the law.
A real estate management company can advise on this. Whatever your policy on pets, it’s illegal to discriminate against tenants with service dogs.
5. Offer Online Rent Payments
So few of us still write checks, so make your rental payments as easy as possible for your tenants.
Can you help them set up a direct deposit, or use an online rent payment system? Anything that saves time and makes payments more convenient is going to be an asset and can help attract a tenant to your property.
Maximize Your Income With These Property Management Tips
Use these property management tips to make sure you’re earning as much as you can from your rental property.
The passive income earned from your home can fund retirement, travel, or future investments, so start enjoying the benefits it can bring!
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