Owning a home is one thing, but managing rentals takes more time and effort if you want to make money with it. Brandon Turner manages properties professionally, and below he shares 7 tips on how to manage rental property.
How to Manage Rental Property Yourself
1. Start a Rental Property Business
First of all, he states that you need to treat your rental property business, well, like a business. For example, get organized, use the proper forms and don’t forget about that accounting paperwork.
Basic property management software can take care of all 3 issues for you, and make your job easier as well. Some people use excel to manage their properties online as well, although this method may not work as well for managing multiple properties.
2. Make Your Rental the Best Rental Property
Second, make sure your home or condo is clean and in great shape before you rent it. Hence, you will attract better clients, and your rental will likely need fewer repairs over the long run.
Plus, you may be able to ask a higher price. Not to mention pay less in repairs.
3. Increase Your Potential Tenant Options
Third, use multiple methods to advertise your property for rent. Therefore, you can attract more potential renters so you can choose from a larger pool of people.
When you can choose from a larger group of people, you are more likely to find a high-quality renter.
4. Screen Tenants the Right Way
Fourth, screen tenants properly. For instance, look at their income, job stability, credit and rental history. You can get more information here: how to screen tenants.
Higher-quality tenants can mean less time, money and effort on your part over the rental term. Doing your research beforehand can save you a lot of headaches.
5. Fair Housing Laws
Fifth, understand Fair Housing Laws and local laws prior to renting. Many are straightforward legal rules, yet they are critical for landlords to know.
6. Include All Important Terms Up front in the Lease
Sixth, make a “rock solid” lease to protect you. In other words, when you get all the rental terms in writing, you can simply refer to the lease when issues come up during the rental term. See also: how to make a lease agreement.
7. Act Like a Professional, Fair Landlord
Seventh, “be firm but fair”. Brandon explains more in his video below.
Get The Book on Managing Rental Properties
Instructions on How to Manage Your Own Rental Property:
Brandon’s handbook leads you through the twists and turns of this lucrative, but sometimes tricky, business. The more prepared and knowledgable you can make yourself, the more income you can earn.
Plus, this information is critical if you plan on renting vacation homes remotely or out of state. Cut down your stress and boost your success rate exponentially.
How to Make More Money Managing Rental Properties:
- Simple steps to shift your mindset.
- Low cost methods to attract great customers.
- Who you don’t want to rent to.
- 19 provisions you need to include in every lease.
- How to get your tenant to pay on time and renew their lease.
- Minimal effort bookkeeping and tax tips
- Get Brandon’s Guide Here