The right property for the right price
Location is one of the most important aspects to bear in mind as a landlord. It’s important to consider the type of rental income you will get in an area as well as the overall return you will get on the property.
While it’s tempting to look for properties in close range of your own home, your particular neighborhood may not be suitable for your unique requirements. It can be worth looking further away for better rental returns, and you can always look to a property management company like Simply Residential Property Management to take care of the property if accessing them personally is too time-consuming.
Remember to balance the demand and the strength of your rental returns against the cost of investing.
Don’t be afraid to ‘upgrade’ your property
Speak to your leasing agent about refurbishing the property and renting it for a higher rate. This could increase your yield considerably with only a little extra spending comparatively. You could also consider renting the property as a multi-unit or house of multiple occupancy.
Be firm on rent payments
While it can benefit you to be flexible on rent levels, it is never advised to be lenient on late rent payments. Remember, as a landlord, your main source of income comes from the rent, so it is vital to make sure this is paid in full and on time. This requires a clear rental agreement and time taken to ensure your tenants are paying punctually and enforcing repercussions if they are not.
Talk to Simply Residential Property Management about taking out an insurance policy against your tenant failing to pay the rent, or rent your property with Simply Residential Property Management and let us deal with late payments for you.
Don’t jump straight to eviction
As a landlord, you must be prepared to work with a tenant when they are required to repay any debts. Opting for immediate eviction will cost you money and time, not to mention the prospect of your property sitting vacant for weeks or even months. Many property management companies will help alleviate some of that stress with an eviction protection plan. Ask us about ours for more information!
Choose a good property manager
As long as a tenant is paying the rent and bills on time, they are entitled to live in a safe and well maintained property. It is vital to maintain a good relationship with your tenants to ensure the rent is paid and they don’t just leave the property in disrepair. If you rent with a property management company like Simply Residential, they can usually guarantee repairs are carried out quickly, efficiently with minimal disturbance to the tenant.
Ensure all repairs are done before renting a property out
As a landlord, one of the most important aspects of your job is ensuring the property is fit to rent on day one. This will reduce overall maintenance costs throughout the tenancy. At Simply Residential, we perform regular checks and send you regular status updates with regards to your property. This way, you can rest easy as the landlord knowing your property, and your investment, is being properly cared for.