Renting out your property can be a daunting task. After going through the process to purchase and renovate a home or apartment, it can become a valued part of your life and transferring that value onto a stranger can be terrifying for many. However, taking on tenants is a lucrative endeavour for anyone venturing into property management and one that is often a smooth transition if appropriately prepared for.
As a seasoned real estate investor, Winston Deloney knows how to handle property management. Are you concerned about renting out your property? Here is expert advice from Winston Deloney on how to handle you first tenant.
Is there a vetting process for tenants?
Yes – it’s important to that your tenant fill out an application and that you perform a credit and background check. This will give you peace of mind that your tenant has a history free from unpaid bills or criminal activities.
What are some ground rules you should put in place for your tenants?
It’s important that you establish a positive relationship with your tenant from the beginning of your working relationship. Furthermore, it’s important that your clients understand the level of respect that you expect them to give your property and that they know when and how to contact you to maintain the property.
By establishing this, you are ensuring they feel comfortable going to you when they or your property needs your attention.
How should you monitor your property while your tenants are occupying it?
While it’s necessary to give your tenants space while living on your property, it’s also important that you monitor that they are keeping it in good shape. Scheduling annual inspections on an agreed upon date is one great way to do this.
If you have anything that might require more maintenance (like a pool), you can utilize that time to gain permission to enter and inspect the property, as well. A pro tip? Be open and honest at all times with your tenant. Never be sneaky or dishonest about your inspections or your visits.
What should you be prepared for while your tenants occupy your property?
Having a tenant on your property is a job. It’s important to be prepared for both time and finances to be devoted to the property while your tenant is occupying it. Whether it’s a broken machine or general upkeep, being a good manager is just as important as being a good tenant.
What is one thing every property manager should know before welcoming their first tenant?
Have fun! While there is a lot of technical parts of having a tenant in your property, it is also a great opportunity to meet new people and build your resume as a top-notch property manager, professional, and entrepreneur. And if you’ll need more help in the future, you can always hire a property manager.
One of the key ways investors can make money in real estate is to become a landlord of a rental property. And while managing properties and real estate investing altogether is not just a walk in the park, it has still proven to be the best investment today that’s why I stuck with it.