The summer rental season will be coming to a close in the next few months, and this has left many landlords wondering what they can do to find the perfect tenants and maximize their rental revenue. Read ahead for a quick look at a few steps you can take to get your property ready for your next tenants.
Contact the Current Tenants
If you are not working with a property management company, then you will need to contact your tenants and make sure everyone is on the same page. Whether they are considering extending their lease or have been having problems with certain appliances, tackling these issues early will limit the amount of time your property is empty.
Take a Fresh Look at Local Real Estate
Determining the value of one’s property can be extremely difficult. This is why many landlords utilize real estate firms or property management companies to help them come up with a fair rent rate. Even if the market has not changed, you should still think about raising the rent slightly to keep up with inflation.
You must do a walk-through with your current tenants and immediately after they leave. During both of these walk-throughs, you should keep a running list of updates and renovations that need to be made. Once you have a complete list, you can then decide what the tenants will be responsible for and what you will take care of yourself.
Carrying out major upgrades every year is completely impractical for most landlords. Instead, you might want to do a few key additions that will help you get new tenants as quickly as possible. Options such as new appliances and safety features tend to have a great return on investment in practically any economic climate.
Applications and Background Checks
Customizable rental applications can found Free at StarPoint Tenant Screening, and in most states tenant screening can be covered by an application fee. While it might seem like another annoying expenditure, you must also conduct background and credit checks on all potential tenants. Spending a little extra money upfront could save you from losing thousands on legal services later on.