As the Owner of a rental property, you are technically a landlord. Even if you turn the day-to-day operation of the property over to management company you still need to make all the final decisions. Here are five ways to improve your landlord business:
Decide On Month-To-Month or Annual Lease
When you have found a new tenant for your rental property, they should enter into a lease. Ideally, you would like a good tenant to stay at that property for as long as they are happy. If you sign an annual lease, then you are locking in the rent for a year. After that, the default position is that a lease agreement goes to an automatic month-to-month. That puts you at a disadvantage in that you only need to be given 30 days notice at any time for a tenant to move out. It might be helpful to renew the annual lease to protect your interests. If you want to raise the rent, then you will always need a new lease.
Make Your Rent Payments Count
Owning a rental property means you are setting up a revenue stream that you should be able to count on. The goal is to have money coming in that can pay for the property itself. What you charge for rent should include covering your mortgage for the property. They should also be a 10% buffer that you put into savings for future potential repairs. You can also factor in insurance payments amortized over your various tenants.
Keep Your Tenants Happy
A tenant who pays the rent on time and doesn’t complain is worth their weight in gold. That doesn’t mean they won’t have the occasional problems with backup pipes or minor repairs. You should keep those tenets happy by quickly taking care of those fixes. Make sure you keep track of all your repairs in writing.
Make Sure the Property Is Well-Maintained
You want to make sure your property is well-maintained. That should motivate your tenants to keep their individual units in the same order. If there is landscaping around your property, then you should hire gardeners to take care of the maintenance. Don’t leave that to your tenant. The same should be said for getting rid of any excess rubbish. That’s where Junk King Detroit can be a huge help. Often when a tenant moves out, they leave behind things like furniture, appliances and other debris. That can be cleared up very quickly with Junk King Detroit. Their team will do all the lifting and loading for you. That even includes climbing any amount of stairs. Hiring Junk King Detroit for your rubbish removal is one less thing you need to do on your landlord list.