As a rule, the landlords and property managers view property management as a profitable business that ensures passive income and financial independence. Making money with rental properties is easy, but making a profit requires much more effort.
We've come up with 5 simple life hacks that will help you attract more reliable tenants and therefore make more money on your rentals.
1. Find long-term renters.
The hassle in finding new tenants is often daunting for most landlords, so finding renters that stick around is important. Renting to long-term tenants reduces the worry related to advertising the rental, choosing new residents, and keeping your fingers crossed that they will be as good as the previous renters. The main advantage of long-term tenants is you already know what you're getting. You don't have to deal with turnover, so no need to run background and credit checks over and over again and deal with applications and the unknown. But if you're filing a unit vacancy for the first time, you should consider screening services to get the best candidates that won't disappoint you.
Background as well as credit checks worth the time and cost, as they help to verify the tenant's identity by checking their Social Security number, employment history, previous landlords and addresses. A criminal history is also taken into account. Thus, you get to know the things that are crucial prior to moving in the tenants.
Another important step is to verify the tenant's rental history. A previous landlord is likely to provide you with all the necessary information via a phone call. Here are some questions to ask. Your basic questions should be:
- Did they pay rent on time?
- How long have they been renting the property?
- What was their reason for moving to a new home?
However, if an applicant is renting for the first time and they have no rental history or references, respectively, check out their social media accounts. They'll tell you more than you think! When offering a long-term lease, pay particular attention to detail, and you'll become one of those successful landlords who boast of their dream tenants.
2. Take quality pictures of the rental.
As the adage goes, "A picture says a thousand words." If you want to attract more potential tenants to your rental, it's better to take high quality pictures of the rental and post it on listing websites rather than spread the word through signs and flyers. You can even hire a professional photographer to take fabulous images of your rental. With TenantCloud, all your vacant units can be listed on your customized Marketing Website and posted on numerous other sites like Zillow, Trulia, and Apartments. com.
3. Boasting has its advantages.
In general, boasting isn't a good thing. But when it comes to property management business, go ahead and start promoting your rental properties like a marketing guru. Focus on the property's best features, and only then highlight minor damages or inconveniences, if there any. The success of your marketing strategies depends upon your communication and writing skills and the actual state of the rental, of course. Whether it's a perfect location with breathtaking window views or a tremendous terrace with flowering plants, make it sound as if your rental is the best place on Earth. Again, professional pictures are a must.
Related: How To Boost Property Value: 3 Proven Home Upgrades To Know
4. Do regular maintenance.
Keep in mind that quality rentals equal quality tenants. Doing regular repairs on the rentals decreases the number of unhappy long-term renters. So many reliable residents waved goodbye to their landlords because of unresolved maintenance issues! Keeping a rental in good condition as well as fixing any damages in a timely manner is what every tenant expects from their landlord. These are the basics of maintaining a good landlord-tenant relationship. The tenant is the customer and you are the merchant supplying customer service.
5. Select a property management software.
No matter where you are or how many tasks you have on your to-do list, you should always be ready to assist the tenants you don't want to lose. Due to TenantCloud, an all-in-one property management software, you can manage your properties from anywhere. TenantCloud offers dozens of valuable solutions starting from built-in accounting and online payments methods, finishing with online applications and maintenance request management. The software helps to maintain work-life balance by keeping your landlording business highly organized and less stressful. While TenantCloud takes care of your property management business, you can focus on the financial part of your career or spend more time with your friends and family. It's up to you!
Don't miss out on the chance to make a profit by managing your rental properties with TenantCloud!
Related: Best Landlord Property Management Software Solution: 4 Ways to Improve Your Budget For 2020
Can you share any other life hacks on how to make more money on rental properties? Leave comments below. We'd love to hear your ideas. :)
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