A rental property without tenants is worse than frustrating. For the owner, it means that money is going out instead of coming in.
The first two weeks that your property is on the rental market is critical. This is when the property seems the freshest and most attractive. Like any marketing exercise, you want to present the freshest merchandise you can.
You have got your property on the rental market. A number of potential tenants have toured the place and you have a nice selection of applications to choose from. Using the principles you learned from my Ninja Guide To The Tenant Screening Process, the pile is divided into “potentially great tenants” and “people you want nowhere near your property”. Of all the potentially great tenants, you can only choose one. For the sake of your sanity as a property owner, choosing the correct one is vitally important.
What in the world is a Ninja Guide? Coined by President and CEO of Consumer Electronics Association (CEA), Gary Shapiro, the Ninja Guide is a metaphor Shapiro uses to demonstrate how to create a ‘killer strategy’. It is defined by clear goals, flexibility, focus on competition and innovative thinking.
This is a security deposit held in case your tenant doesn’t meet their obligations under the lease agreement.
This is a legally enforceable contract that details the length of the lease, rent amount, and the condition the tenant should leave the property as stated in the condition report.Typically if you are managing a rental property on your own, you may only have the option of purchasing a generic lease agreement from your local news agency or online. The problem with these generic forms is the lack of important information, like state and territory laws particular to your area. We have free state specific templates for you right here.
How do you know if a tenant is going to be good? Do you figure this out based on how they talk or the way they dress? Or do you simply rely on what your gut tells you? It’s important to take in as much information as you can about your potential new tenants, starting from the moment they call about your property to the moment you hand over the keys.
Once you hand over the keys and sign the lease there is no going back. If you have made a bad decision it’s very hard and costly to rectify the issue, so get it right from the start.
It is every property owner’s wish to find and keep the best possible tenants for their property. Finding tenants is one thing, making them stay is another. Keeping your tenants for the long haul is just as challenging and important as finding them. Why? Well first of all it costs you about a thousand dollars or more every time your tenants move out because of the advertising costs of finding a new tenant and the loss of rent while the property is vacant. It also spares you the stress involved during vacancy and the tedious process of trying to find suitable tenants.
Part of good property management is knowing how to effectively market your rental property. First you need to identify your ideal tenants. These are the tenants you picture living in your property. This is important because this decision will set the scene for the rest of your marketing campaign. If you’re targeting high end corporate professionals, you need to come up with a corporate-looking advertisement – classy photos and elegant write-up, for example. And as listings for rental properties move online and advertisements have become standardised, you need to make your property stand out.
As a property investor, it is vital that a number of tasks are completed before handing over the keys to your new tenants. By completing these tasks you are much more likely to have a smooth tenancy so It is important to set the scene from the beginning as to how the tenancy will unfold.
I have outlined the 5 most important things every property owner must do before handing over the keys to your tenants and having them move in.
One of the most important aspects of renting out your property is determining the value of your property. When you’re trying to advertise your property to attract your most ideal tenants, setting the correct price for your property is paramount. Read More
Why do some people have trouble finding the right tenants and why do most find it easy? Having bad tenants is the worst feeling, you feel totally out of control with something you have worked so hard for and the thoughts that run through your head as you try to go to sleep at night make it even worse not just for your hip pocket but your own quality of life. Read More
