One of the main challenges for you as a landlord is to make sure that your rental property is occupied at all times, otherwise you’ll lose income.
How do you go about this, while still finding the right kind of tenants who will look after the house and pay their rent on time?
1. Do your research
Are you charging the realistic amount of rent to attract prospective tenants? What is the going rate for the area in which your property is situated? One of the best places to start finding these things out is online as you can make use of search parameters to find rental properties comparable to yours and what they are charging for rent. Be sure to keep checking back on a daily basis to see what properties are being let out and so what kind of price range is working.
2. Freshen Up!
You need your property to be appealing to prospective tenants when they take a look around. A lick or two of paint and replacing carpets that have been better days are two quick and easy ways to brighten up the place. If you can make the house look like a home and somewhere that they would like to live, you’re much more likely to get a new tenant quickly. A few personal touches are also a good idea – a shower curtain and mirror in the bathroom, nice curtains and maybe a vase of flowers in the entrance way will all contribute to a good feel to the property.
3. Advertise
Make sure that you get the word out on your rental property by using online platforms such as Facebook and ads on property rental sites. Word-of-mouth also works well, so tell your neighbours, friends and current tenants that the opportunity for the rental is available.
4. Be sure to get references
Though you want to find another tenant quickly, you also want to find the right person or people who will be reliable and trustworthy with your investment. If they have rented property before, then be sure to get a reference from their previous landlord. If they are renting for the first time, then you could obtain a reference from their college or place of work.
Remember – investing in property is a great way to create an income for yourself and it’s also an asset for the future.
Taking the time to make sure you get a steady flow of tenants might take a little effort but it’s worth it to create a constant rental income.
Here at Nick Fox Property Mentoring, we provide mentoring services and other resources to help you when it comes to property investment. Find out more about our property mentoring here and our resources here.
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