How to Make More Money with Your Rental Properties
Owning rental properties can be stressful. First, you have to create a livable space in which people will feel comfortable raising families, caring for pets, and having visitors. Then come the background checks and further headaches of collecting rent and filing your taxes properly. Fortunately, there are several things you can do that will help improve your relationship with your tenants and, therefore, make more money in the long run.
Properly maintain your properties.
A well-maintained rental property will not only please your tenants and keep them paying on time, but it will also reduce the amount of time and money you spend on repair costs and lawsuits down down the line.
- New Tenants: Across the United States, a landlord is responsible for providing rental properties in habitable condition when a new tenant moves in. A habitable property is defined as a structurally sound home with adequate heating, water, electricity, and cleanliness.
- Ongoing Repairs: Most states require you to maintain the same habitable condition for tenants that you provided upon their moving into the home. However, the maintenance of your tenant’s personal property is their responsibility. For example, you are required to keep any wall-to-wall carpeting in good, clean condition throughout the property, but the renter is responsible for their own area rug cleaning and replacement.
- Tenant Safety: Landlords of rental properties are required to provide safe buildings and grounds for their tenants. They must comply with all state and local health and building codes for both the home and any outbuildings that exist on the property.
Build quality relationships.
As a landlord, you may be hoping to kick back and let the rent checks roll in, but without quality tenant relationships, you will end up spending all your time trying to find someone willing to write those checks.
- Respond Promptly to Emergencies: Unique situations, such as broken heating, plumbing, gas, or electrical systems should be handled within 24 hours of receiving notice that there is a problem. It is also important to remember that you are not required to give prior notice to tenants when entering the home in an emergency.
- Communicate Professionally: The best landlords keep in constant contact with their tenants. In many areas, you are required to give 24 to 48-hours notice before entering a tenant’s rented premises and doing so will lead those tenants to trust you and keep paying their rent. If your tenant prefers telephone communication to email then you should oblige them of this regardless of your preferences.
- Don’t Break Promises: In addition to maintaining professional communication with your tenants, you will also want to be honest and keep your promises. For instance, if your tenant needs a repair made you should be upfront about the timeline and the processes involved in carrying out the needed repair.
It can be hard to find quality tenants that are willing to pay what your rental property is worth, but maintaining the both the home and the relationship with your customers will ensure your success as a landlord.