If you’re beginning the process of accepting tenants into your property, Nate Armstrong of Home Invest has some great tips that will help this new adventure run smoothly and securely. Armstrong is the Investor Relations Chair for Home Invest. He has many qualifications that have given him an in-depth understanding on the world of property management. Everyone has the tools to be a great landlord and make money from having a respectful tenant. Like all jobs, some come with sacrifices and sticky situations that we need to work through. Here are some great tips to remember as you venture into the world of property management.
Get your space ready
First things first, make sure your property looks prepared for renting, says Nate Armstrong. Finish all repairs and painting jobs necessary for it to be entirely ready for renting. This eases anxiety when the process becomes more in-depth. Knowing your space and understanding its worth will guide you in finding out what to charge for rent. Look at what the market displays in the area you live in, and base your rent off similar spaces and according to the quality of yours.
Finding respectful tenants
The next part of your landlord duties is finding a renter/renters. Post your ad in places that reflect the desired tenant. Use renting websites and post your flyers in respectable places. If you are renting to college students, post in nice cafes or right schooling areas. Finding the right tenants provides much ease towards the job of being a landlord. Think of all the stressors that may contribute, and how having respectable tenants will make it all much more comfortable. Find people you can establish a relationship with so that it leaves you with satisfaction that these people are watching over your property.
Keep relationships professional
When it comes to being a landlord, says Nate Armstrong, there are many different kinds of relationships you can have with a tenant. The ideal relationship is a friendly but professional one. You don’t want to be going against your property’s rules (like allowing pets) even if you enjoy the tenant. Sticking to the property’s agreements keeps the tenant and you on the same page. Remember to respond to your tenant with respect for all the issues at hand. Setting boundaries are necessary and letting them know when specific maintenance problems will be taken care of is essential for your privacy and personal life as well as theirs.
Raise rent only at the end of a lease
As a landlord it’s important to know the laws and rules of property management, says Nate Armstrong. Know what your area allows and doesn’t allow when it comes to landlord and tenant rights. This keeps you knowledgeable in case a situation were ever to occur where you needed to access this information. Know that it is not legal to raise rent till the end of a lease, whether you’re month to month or a year has been signed on.
Nate Armstrong knows how stressful it can be to take on the role of property manager. Finding tenants may feel challenging but following these easy tips takes the load off your back. Enjoy meeting new people while providing them with a great space, and making good money as well.