So, from the real estate investing you have been doing for quite some time, you finally have the time and money to renovate and give out your properties for tenancy?
This is a great form of passive income, and let us find out how you can do it right.
Things To Do Before Opening For Tenant
Now that we have established, you are finally opening your property for the purpose of letting in tenants.
Here is how you can prepare yourself and your tenants for the changes coming.
1. Get A Broker
You can get the property ready, equipped, and furnished, but that is not an automatic guarantee of tenants coming knowing your way. You will need help from a professional who works in these sectors.
You can either enlist your property on a tenant website. Generally, these are the websites people look through when they are looking for tenancy in a new place. At the same time, you can hire a personal broker and take advantage of their contacts.
Hiring a personal broker has many advantages. One of them is the knowledge of the market that they have. All in all, if you have never been a landlord before and you do not want to make any mishap, these brokers will only get the best tenant your way.
2. Talk To A Tenant Lawyer
Now come to the mishaps that can happen and how you can mitigate them.
– You can have problems with rent and eviction.
– You can have issues and disagree with lease timing.
– The rules and regulations you want your tenants to listen to and follow because of the neighborhood.
– To ensure that you are not getting any complaints because of your tenants.
– Can have issues and disagreements in terms of property damage.
For all these issues, disagreements, accidents, and mishaps, you will just need help from one profession; a tenant lawyer.
This is the person who will legally bind your tenancy business, make the contracts and the laws, and ensure that in terms of property damage, you are well compensated. Here you have the best Tenant Lawyers Atlanta to hire.
3. Fix The Property
If you are looking for high-paying tenants, you have to give them something to which they cannot say no. Fixing and renovating the property is very important before you call in the tenants to check out their houses.
Some of the elements which can make your house quite high end renting place are-
- Fully furnished.
- Fresh paints.
- South-faced balconies.
- Laundry and equipment rooms.
- Smart security.
If you are planning to earn a good passive income from your properties, then we would suggest you take a few months to renovate the house. Give your tenants what they are about to pay for.
4. Think About Marketing
You cannot get tenants by just sitting. Yes, you have a rocker, but there is no harm in getting your own marketing given on. Some of the great places you can start marketing are social media accounts to get rental lead gen.
However, if you’re planning to make tenancy your long-term business, there is no harm in creating your very own website.
Not only will it help with marketing, but it will give you a place where you can organize everything once your tenancy grows.
5. Get A Background Check
If you have a tenant who seems nice and ready to pay the amount which you have asked, you can fall prey to these things. It is absolutely necessary that you take a background check very seriously.
If possible, you can also take help from your tenancy lawyer to get a background legally, which will make your tenants get a police verification. These background checks prevent you from giving your properties to criminals who are on the run from a crime.
Although you wouldn’t be directly penalized for arresting them, your name and property might get dragged in.
Now You Are Ready!
Now that you have all these five things sought, you are finally ready to open your properties for the purpose of renting. Remember, as a landlord; you have to be alert and cut-throat when it comes to tenancy. Yes, being kind is one thing, but never be a pushover.