In our earlier blog, we talked about how to begin looking for the ideal investment rental property. Let’s say you have found the right property in the perfect location, what now? How can you find the right tenants and keep them?
One of the first decisions you will have to make is how much rent to charge. Charging market value or above will mean you have a healthier initial return on your investment, but it may also mean your turnover of tenants will be greater. You may even end up with a tenant who isn’t as financially responsible as you would like. On the other hand, if you charge a little less, you will find a lot more interest and choice when it comes to finding the right tenant. They are likely to stay longer as well.
You will need to ensure that your property meets all of the local requirements put in place for rental housing. These standards are there for the safety of your tenants, and you could get into trouble if you ignore them.
Put a portion of the rent money aside every month for maintenance and unexpected issues that will arise with your property. Any jobs that need to be done should be done immediately, and having the money ready will be very helpful.
Last but not least, before any new tenant moves into your property, give it a new coat of paint and make sure the place is cleaned thoroughly. Taking care of your tenants in this way will help ensure you become a successful landlord.
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