Investing in property for long term rentals can be a lucrative real estate investment. However, owning property and dealing with tenants is not without obstacles. There is always a concern of the property being damaged or vacant. Every landlord wants to find “good” tenants. Most owners have at least one story of a tenant breaking a lease.
What is key is having a good, professional relationship between the property manager, whether that be you or a service, and tenants. Here are few good tips for creating and maintaining good relations.
Related: The Pros and Cons of Property Self-Management
Establishing Good Communication
Good two-way communication is key, with the landlord taking the lead on making sure there are no misunderstandings. In order to not only attract potential tenants to your traditional rentals but also keep them for a long time, you need to acknowledge your tenants’ needs and wants and do your best to meet them. On the other hand, your future tenants should know what you are expecting from them while they are staying at your premises.
If a conflict does arise, address it promptly. Don’t jump to conclusions before talking directly. Go in with the goal of working things out amiably.
Related: Attract great tenants and optimize your return
Establish the Rules First
The landlord should be well versed in landlord-tenant law before establishing ground rules. Of course, you care about your long-term rentals and you want to keep the properties well maintained in order to have a high rental income. You need to proceed with everything the correct way, starting with a written lease. It is also a good idea to have written house rules specific to your property.
Make written inventory and condition list before each tenant move-in, and take pictures of any defects. Have the tenants review the property, propose any changes or additions to the list, and sign it. This list will be a valuable tool at move out, as tenant are responsible to return the property to the condition it was rented, allowing for normal wear and tear.
Know the market
You would like to get the maximum profit from your investment property, but there is no use increasing the rent and causing the property to sit vacant. Examine ads of similar rental properties to price your property appropriately.
If you would like to discuss your investment property, give us a call. We would be happy to help.