We have all heard horror stories about bad tenants. Your property begins the year with fresh paint, new floors, the fragrance of a Jo Malone candle, and the tangible optimism that arrives when meeting the new person who will call your property home.
By the end of that year, however, optimism and fragrance have left the building. They have been replaced by holes in the wall, a malfunctioning bathroom, and an appalling smell that seems to emanate from every corner of the house. On top of that, you’re still waiting for the last two months’ rent.
Fortunately, stories like these do not have to be your experience as a landlord. Securing reliable tenants for your property can be achieved by putting to practice a few simple property management tricks.
Perform background and employment checks
Sometimes the most efficient real estate advice is also the most obvious. Before you let anyone sign the dotted line for your property, collect from them the phone number of a previous landlord. If that landlord doesn’t sing the praises of your future tenant, it’s safe to say that there are better-suited renters out there for your home.
The world is full of too many respectful tenants for you to endure a year with unreliable residents. Don’t let that person anywhere near your beautiful house.
One of the many luxuries of owning real estate is the freedom you hold to turn your properties into a thriving business. In the same way that an HR professional will ask job applicants for employment references before hiring them, you have the same opportunity to pick up the phone.
At the end of the day, it’s helpful to remember that you’re going into business with your tenants. The confidence you hear from a satisfied employer can quickly become your own stress-free experience as a real estate landlord. It’s always worth your while to ask around, and responsible behavior at work usually translates to a trustworthy candidate who will treat your property well.
Invest in fresh starts
Most real estate investors are familiar with the concept of house flipping. Usually, the term is used to talk about buying cheap and
selling high for some quick-few real estate dollars. But routine house-flipping is a great practice for property managers as well.
As a landlord, prioritize strong freshen-up routines for the time you have between renters. If you want to impress quality tenants and incentive them to sign a contract that promises you a check every month, then start by giving them a home that they’re proud to live in.
You can keep this process simple: paint walls, replace damaged trim boards, and professionally clean the home. Taking simple initiative like this to regularly clean and improve the functionality of your rental property is a relatively inexpensive process that will strengthen your rental property’s appeal. House-flipping doesn’t always have to be for immediate resale; use the same practices to drive up your home’s appeal
Get creative in the ways you make your home stand out. There are many cheap installations that can distinguish your house from the next. For example, replacing some of the house’s plain electrical outlets with ones that feature direct USB connection can easily catch the attention of a broad group of potential renters. These USB outlets are incredibly cheap but can be a deal-sealing feature to the right client.
Know your audience
Another way to capture the interest of a client is to connect the dots of how their interests can be satisfied through your home. If your ideal tenants are young, for example, then a little research into the percentage of their monthly energy usage that will be generated by clean energy could be a winning remark. Increasingly, young renters like to know that they’re making positive impacts on the environment.
If a family considers renting your home, then go the extra mile to research and then emphasize the safety, nearby commodities, schools, and other common family priorities that are accessible through your property.
Trade generosity for generosity
Once you’ve landed your dream tenants, the next step is holding onto them. The reason you love these tenants is that they show value for you and your home. In the same way, there are many ways that landlords can return value for value.
Be the landlord who is quick to repair a leaky washing machine, empathetic when times are rough, and assertive when it comes to expressing your gratitude for them as residents in your house. The simple act of acknowledging their care for your property can go a long way in winning over their stay for another year or two. Good tenants are worth their weight in kind gestures, so go the extra mile!
The Greater Las Vegas area is an ideal place to rent out your home. If you are in the market to buy, sell, rent, or receive top of the industry real estate consultation, call Lifestyle LV today. Our personal, boutique services will transform the way you see real estate.