Owning a rental property is a smart investment especially here in Chicago where housing is at a premium. Depending on the circumstances, you could find many lucrative opportunities to rent out apartments and lofts. If this is your first endeavor in rental properties, then you’ll be learning fast what it takes to become a successful landlord. These tips can help:
Applied Lease Targeting
You should try to schedule the majority of your lease and dates for times when there is an increased in tenant traffic. June 1 is probably the best target move-in date. September 1 is another good area to aim for. The goal is to make sure don’t have tenants moving out in December or January. That’s a very tough time to find a new tenant.
Treat Your Rental Property Like a Business
Managing your rental property doesn’t have to become a full-time business. But you still have to treat it as one. If you are handling all the maintenance issues, then who will be in charge if you go out of town on vacation? You should also be setting aside 10% of your rental income for repairs. That could turn into a decent savings account especially if you don’t have to tap into it because you’re keeping up the building.
Take Time To Screen Out Bad Tenants
It goes without saying that you should run a credit and background check on anyone applying for an apartment. Just as important is their current employment situation. They should be making income that is at least three times the cost of the monthly rent. This way you won’t have a tenant who is scrambling to come up with the funds on the first. A tenant who has a past eviction is someone to be avoided. They should also be able to provide you with references from their last landlord. If not, then you have to ask yourself, “why not?”
Keep Your Good Tenets Happy
You might find that in the long run it is a lot cheaper to retain a good tenant than it is to go on the search for a new one. Making a tenant happy doesn’t take a lot of effort. All they ask is that you fix repairs promptly, treat them with respect and keep the property in good shape. That is where Junk King Chicago West can be a big help. These are professional junk haulers that can dispatch a team of movers and a big truck to your property usually within 24 hours of calling them. This will allow you to clear out rubbish from an apartment that is unoccupied and make sure your storerooms and garage are empty of clutter as well. Working with Junk King Chicago West will go a long way towards helping you become a successful landlord.
Running a hotel is a lot like hosting a dinner party for some very good friends. You want to make sure everybody is happy and taken care of. If they have a good time, then they’ll tell all their friends what a wonderful experience it was. At a hotel or bed-and-breakfast, it really is the small things that make a lot of difference. Here are five small things that will make your hotel guest very happy:
Coffee Pot in the Room
No matter what time of day it is, it’s a safe bet that someone is drinking a cup of coffee somewhere. Your guests will appreciate having access to fresh coffee that they can make directly in their room. They may prefer heading out to their favorite Java joint but the fact that you have a coffeepot there is one of those little touches that puts a smile on their face.
Your guests are smart. They know if there is no label on a bottle of shampoo or soap, then you’re buying cheap generic products. That might make sense for your bottom line but it doesn’t make sense with regard to providing positive amenities. The extra money you spend on brand-name toiletries will go a long way towards boosting a return on your investment.
Free Snacks and Drinks
Everybody loves free stuff. At your hotel, you can have fresh baked cookies at the lobby desk or a wine and cheese tasting in the evening. In the rooms, a few bottles of water are a nice touch.
Would a guest pick a hotel based on whether or not it has free Wi-Fi? Probably not but advertising that you do have free Wi-Fi is a way of boosting your chances for securing that guest. The costs for this are nominal.
Room service works great when you have a restaurant already operating in your hotel that draws in business beyond your guests. It’s much more of a challenge for smaller bed and breakfasts to set up viable room service. However, there are probably plenty of restaurants, cafés and bistros within striking distance of your hotel that would gladly deliver meals to your guests. Your only effort would be to reach out to those establishments and get their menus together in a binder for every room.
Haul Away Rubbish
You always want to look your best for your guests. That means making sure your property is clear of rubbish. Storing old furniture, mattresses and appliances can become a challenge at a small hotel. You definitely don’t want to use a room for that storage. Instead, bring in the team from Junk King Chicago West. These are the junk removal professionals who will easily remove all that unwanted rubbish from your premises. One call to Junk King Chicago West gets you a clean hotel. Make that call today.