If you’ve recently purchased a property for rental then you’ve just made a huge investment and you are probably wondering how to protect it.
Landlords face many different challenges when managing their rentals; from finding the right tenants to managing repairs and maintenance issues.
You want to do everything in your power to make sure that your property is protected and that you get a good return on your investment.
In this blog post, we have compiled five top landlord tips, which will be useful for both new landlords and those who have been in the business for years, to help protect your investments and enable you to enjoy more peace of mind.
- Communicate with your existing tenants
The first step in protecting your rental property is to maintain a healthy relationship with your tenants. Keeping them informed and up to date about any changes will ensure that they are on board with what is happening.
If you need to make a change, such as renovating the property or increasing the rent, then it’s important to do so in a way that doesn’t alienate your tenant. If possible try to get their support for these necessary changes.
This will also help you to understand their perspective and work towards a win-win situation.
Regular inspections of the property, both inside and out, can be helpful in catching small problems before they become big ones. Also, make sure that your tenants know about any upcoming inspections so that there are no surprises!
- Insurance is key
Having landlord insurance is a no-brainer, particularly when it comes to obtaining a renters insurance policy.
These types of policies will cover any damages that are not the fault of the landlord, including floods and lightning strikes.
A landlord insurance policy can be a real money saver in situations where tenants have damaged your property or their own possessions (particularly in shared properties).
- Point your tenants towards available financial support
If your tenants are having trouble paying their rent, they might qualify for assistance through a landlord-tenant mediation service.
These services are usually funded in part by the local government and help tenants keep up with housing payments from landlords or agents that have served them eviction notices.
You can also guide your tenants towards the financial help that is available to them. Guide them towards organizations and experts who can help them with a budget, access aid, and benefits.
You can also direct your tenants to rent assistance, which is financial aid for people who need help paying their monthly rental bills.
- Conduct the right vetting for your tenants
When taking on new tenants, it is important that you properly vet them. This will help you choose the best possible tenants who will be able to pay their rent on time.
When conducting your vetting, look out for red flags such as poor landlord references or negative landlord reports from previous landlords and letting agents.
Avoid renting to people who have had a history of evictions in the past.
- Adapt your rental to take advantage of the new normal
Due to the lockdowns and social distancing restrictions, having an outdoor area has now shot to the top of tenants’ priority lists.
If you have the space, consider transforming your outdoor area into a communal living space for tenants to use. This could be anything from a BBQ pit and seating area to an indoor-outdoor entertainment center.
By taking the proper precautions and positioning your rentals for maximal appeal in this new normal, you can protect your investment while still earning a handsome reward on your investment.
If you are looking for properties to purchase as rental opportunities, contact Northwest Realty Group today.
Northwest Realty Group is committed to making sure you are living your “happily ever after” in your dream home.
We’re here to help you make home buying and selling an easy and enjoyable process from start to finish.
Our agents will work closely with you every step of the way so you can have peace of mind knowing that we’ll be there for any questions or concerns you may have. If you want to buy or sell property, then contact us today at 702-677-0039!