Rental property is a great way to bring in extra income. If you own rent this kind of property, you’ll want to find ways to get the best rate of return. Here are eight easy ways to keep it in tiptop shape.
Always Repair Little Problems
All kinds of minor problems can arise when you have rental property. It’s crucial to stay on top of them as you manage your property. Getting small repairs done will head off larger problems for as long as you own the properties. That’s a great way to keep your cash flow nice and healthy in the long run.
Hire a Manager
Managing properties on your own can be hard. That’s why you need a company that can do it for you. Shield Property Managers can be at your side to get the job done. They know what it takes to keep everything in perfect order. This is one company that is ready to step on and make it far easier for you to manage all of your rental properties very easily.
Spring and Fall Examinations
Spring and fall make the ideal time to have a close look at your rental properties. This is when you can often spot issues that you must deal with right now. For example, if you notice a problem such as mold or mildew growing as a result of standing water and other problems, you need to get rid of it as soon as possible. This is also a great time to examine the heating and cooling system of all your rental properties. That way, your tenants can stay warm or enjoy the cooler weather when the seasons change.
Stay on Top of the Local Rental Market
The local rental market can easily change over time. You should know what is going on with it. You might find there’s more competition in your niche as a result of new construction. You might also discover there are more people moving in and thus more possible renters.
Consider Upgrades Carefully
Upgrading your rental properties can pay off. A newly refurbished kitchen will tend to go for more money than a home with a less appealing, smaller kitchen. At the same time, it’s a good idea to consider which type of upgrades are most likely to pay off. For example, adding a half bath to a home with only one bath will bring in happier tenants. The same is true of finishing the basement and adding curb appeal with attractive landscaping.
Vet Your Tenants
Vetting your tenants is imperative. Make sure your tenants can pay the rent you want to charge. You should know issues about them such as the person’s prior and current work history as well as their previous rental locations if any before you allow them to move in. Good tenants with a reliable history of paying their bills make managing your properties and cash flow a lot easier.
Find Trust Experts in Home Maintenance
Even if you have a background in the field of property repairs, it’s always helpful to get a second opinion. It’s also helpful to have a specialist at your side when you encounter problems with the homes you manage. A trusted source of in-home repairs can help you figure out the best course of action. They can suggest ways that will help you decide what you should do without the need to spend a lot of money. Look for help with a long background and many references. They should be your go-to experts when something goes wrong with any of your properties.
Set Up a Timeline
Set up a timeline and think about what you really want to get done. You should have a general idea of what you hope to accomplish with the rental property at any given time. You should also think about the kind of goals you hope to accomplish over a longer period of time. This might include expanding into new markets as well as finding a manager you can trust. That will help keep you focused on your longer goals for your properties.
About the Author: Ray is a sought after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners.
March 1, 2022
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