In our previous blog, we discussed the steps you should take toward finding the right rental property. Now let’s assume that you have found that property, the next step will be finding the right tenants to live in it. Here
are a few suggestions for keeping your tenants happy and healthy in their new home:
You will first need to make sure that your rental home conforms to local city standards. These standards are put in place to keep the occupants of the rental property safe from hazards like fire, etc. Be sure to become familiar with these requirements, or you could find yourself in trouble.
Decide how much you are going to charge for rent. Naturally, you will want to receive a good initial return on your investment, so you may decide to charge market value or higher. While there is nothing wrong with this, you may find you have a greater turnover of tenants, and some may not be as financially responsible as you would like. If you decide to charge a little less, you will have more interest in the property and have a greater choice of tenants to choose from. The choice is yours.
Put some rental income aside each month towards repairs and other unexpected expenses that will inevitably arise with the property – this way, you will have the money ready and won’t have to keep your tenants waiting to have something fixed.
Finally, before each new tenant moves into the home, give it a thorough cleaning and a fresh coat of paint. Ensure there are no safety hazards that would endanger your tenants. These simple tips will help you to become a successful landlord.
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