A Multi-Family Home

Ten Tips For Becoming The Landlord Everyone Wants To Rent From

by Arnold Gomez

A rental home that sits empty for months at a time is a financial drain that few property owners can afford. To avoid this, it is necessary for owners to make their property more appealing than others in the area. Some of this will require investing a little money, but the result could be a home that remains continuously occupied.

Keep it Maintained

Rental home repairs should be completed as quickly as they would if the owner were living there. All renters prefer safe, comfortable homes and are at the mercy of landlords when something needs attention. Most will not have the income to do it themselves, or want to invest their own cash into property that belongs to someone else. Make certain they have current contact numbers so they are able to reach someone immediately if there is an emergency.

Have it Cleaned

In-between tenants always shampoo the carpets, clean the kitchen and bathrooms and remove any trash left behind. This will remove stains, odors and germs left and make the space more appealing. Also consider hiring a pest removal service to eliminate the risk of common pests like fleas and bedbugs.

Make it Appealing

Keep the yard well-maintained, decorate the home with durable, but attractive materials and occasionally update the kitchen and bathroom. The appliances do not always need to be high-end and sparkling new, but they should be replaced regularly to ensure they are reliable, attractive and energy-efficient.

Include Some Services

Hire someone to mow the lawn, plow snow or remove trash for the renters. It will ensure the yard is kept clean and will be beneficial for the tenants, too.

Provide Some Storage

Many rental houses have attics, basements and garages. Unfortunately, it is not uncommon for the owner to use these areas as their own private storage units. This can be frustrating to people that need storage space for themselves, and it can leave personal property at risk to unscrupulous renters.

Respect Their Privacy

It is natural to want to make certain all property is being properly cared for, but this is why people should be careful about who they rent to. Check references and interview the perspectives tenants beforehand. Pick up the rent once a month in person to get a glance of the house and yard, but do not over-manage by showing up randomly each week.

Keep Rent Reasonable

Rent increases should be only when necessary and only as much as they need to be. Pricing the rent too high in an attempt to get "better" tenants will often backfire. A home will only rent for what it is worth and pricing it above the standard fee in the area could leave the home unoccupied.

Have a Lease

A professionally-prepared and detailed lease will make the rules much easier to follow. It protects both parties and makes the expectations clear.

Be Design-Flexible

Allow tenants some freedom to personalize the space. Painting the walls, adding a closet organizer or installing flower boxes are all simple changes that can make a house feel more like home. In addition, many of these changes can be improvements that may even increase the property value. If not, there is always the security deposit for repairs, if necessary.

Allow Some Pets

Pets are an important part of many lives, and having to surrender a pet to a shelter is a traumatic event for people who feel it is part of their family. Landlords can limit how many or restrict dog breeds to avoid problems with insurance coverage, but a strict no-pet policy may eliminate the opportunity to rent to many people.

Being a landlord can be frustrating, but good landlords will have a better chance of finding good tenants, too. Making life easier for others does not have to be expensive, and it can pay off for the property owner. Since many of these tips will guarantee the property is better maintained, it is a benefit for the owner because it makes it more likely the value of their investment will continue to rise. Contact a company like Charles L Moles Real Estate Services for more information.