The United States is home to over 47 million rental homes, apartments and condos. Rental properties allow you to generate a steady stream of income, which is why they are a great investment. Once you find and purchase one or more rental properties, your main goal should be keeping these investments profitable.
As a landlord, you will have to get familiar with the process of vetting potential tenants before renting one of your properties to them. The following are some things you need to do before a new tenant moves into one of your rental properties.
Inspect Your Property and Fix Any Problems You Find
When a tenant moves out, they can leave a lot of dirt and damage behind. Failing to check out the condition of a rental property before putting a new tenant in it is a horrible idea. Making this mistake can lead to the development of a high tenant turnover rate. The higher this turnover rate is, the harder it will be to keep your investment profitable.
Experienced property owners like Steven Taylor Los Angeles have a process in place when tenants move out. This process involves inspecting the property in question and fixing any issues it may have. If you don’t have time to perform this inspection or the repairs your property might need, hiring professionals to help out is a wise move. A property management company will have no problem getting this work done in a timely and efficient manner.
Take Time to Revie Your Lease Agreement
As time goes by, your approach to managing a rental property will have to change. Making sure your rent prices stay competitive and that your lease agreements are fair is crucial. Real estate professionals like Steven Taylor LA review rental rates in their market frequently to ensure their rates are competitive. Ignoring the need for this type of research can lead to you losing existing tenants.
Before meeting with a new tenant, you need to review your lease agreement thoroughly. Once you have read over the agreement, you can meet with your tenant and answer any questions they might have. During this lease agreement review process, you also need to collect the security deposit from the tenant. Some rental property owners also collect the first month’s rent during this meeting.
Implementing the tips in this article can help you get your property ready for a new tenant.