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Being a small landlord comes with a certain level of ease, given that the heaviness of your tasks relies on the number of tenants you have, as well as the size of your rental property. However, that doesn’t mean that you can skip certain processes and practices that come with property management. You can quickly feel overwhelmed despite your relatively fewer responsibilities if you don’t manage to do them right.
Finding Tenants
- Lean into your strengths. Just because you’re a smaller business, it doesn’t mean potential tenants would prefer other listings. Some prefer rentals with fewer tenants for peace and quiet, along with privacy. Market your rental based on these benefits to reach your target market.
- Conduct tenant screening. Whether you only require one or 20 tenants to fulfill the maximum occupancy, tenant screening is not something you should skip. This ensures that you get reliable tenants, especially when they have long-term tenancies.
- Prepare your rental property for new tenants. It’s easier to maintain a small rental property space, and your prospective tenants know that. Make sure they notice this when they arrive, either for renting or for an open house.
- Create a clear lease agreement. A detailed and comprehensive lease agreement can prevent potential misunderstandings and disputes between you and your tenant. It should include all necessary information, such as rent price, rent due date, maintenance responsibilities, property damage consequences, and more.
Tenant Retention
- Provide a reliable communication channel. Your tenants should be able to reach you when they have concerns or questions, so you need to provide convenient communication channels, such as a hotline, a tenant portal, or a phone number.
- Conduct regular maintenance. Maintaining the property, as well as its furnishings and appliances. You will effectively boost tenant retention when you keep everything in good condition.
- Offer multiple payment options. Tenants often have a preferred payment method, so if you can provide that option, you can expect more on-time rent payments. Many tenants opt for online payment since it’s the most convenient.
- Give incentives for lease renewals. Lease renewal incentives show that you appreciate your tenant’s reliability, and you can provide rent discounts, access to amenities, free parking, and more.
Property Care
- Schedule routine inspections. Routine inspections allow you to find potential issues early on and fix them before they get worse. You will also find property damage that your tenant might be hiding.
- Replace outdated appliances. Not only are outdated appliances unappealing to renters, but they also consume more energy than newer appliances. The upfront costs may be expensive, but you will save in the long run.
- Implement clear rules. When it comes to amenity use, quiet hours, pets, and other matters that concern your rental property.
Even Small Landlords Could Benefit From Help
A professional property management service can still benefit you greatly, even if a small business is fairly manageable. In fact, you’ll be able to focus your attention on other profitable ventures, like expanding your rental portfolio.
Enter the world of real estate investing and increase your rental income. As you grow as an investor, we’ll be with you every step of the way.
Think about it, and call us! Our expertise can help you make all the right decisions.