Being a landlord is almost today's equivalent of being a "Renaissance Woman (or Man)." This term defines someone who masters skills in a variety of areas of life. Landlords have to master skills in everything from building professional relationships to marketing and maintenance. You never know when your day can take you from creating a legal lease agreement to fixing a leaky pipe under the faucet in one of your rental properties!
The good news is that most landlords learn these skills on the job. You don't have to know anything about managing a property to get started in the investment property business! No matter your day job, property investors can benefit from rental property income to build long-term wealth.
What do you do if you're not already a "Renaissance Landlord" when you buy your first property? As an expert in DFW home property management, RentHub can help! Follow these tips to develop the critical skills every landlord needs.
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Become a Marketing Pro
Getting the word out about your investment property is the only way to find tenants. Without tenants, your property loses money!
Marketing your rental property is more than putting together a few bullet points about the property and posting some photos from your cell phone. You need a compelling listing that attracts quality potential renters to your property.
Every property listing should include:
- Professional photos
- Details about the monthly rent amount, square footage, number of rooms, and amenities
- Information about application fees and security deposits
- Notes about allowing pets (or not) and the requirements for having a pet in your property
- Information about the area (schools, nearby attractions, shopping, and restaurants)
Your property listing is an opportunity to "sell" your property to potential tenants. What makes your property stand out? Are your photos good enough to stop someone from scrolling past your listing?
If writing and taking photos are not some of your best skills, DFW home property management can take care of it for you! We know exactly how to show off your property through a professional listing. We'll also post it online everywhere it needs to be to find your next tenant.
It's easy to overlook the importance of your property's listing! Take the time to get it right to attract the best pool of potential renters to choose your next tenant. Use these resources for guidance!
Choose the Best Tenants
When your property listing starts attracting potential tenants, choosing one to live in your property seems like it should be a simple task. Read the applications, show them the properties, and pick the tenants who look like the best fit, right?
If you're not adding a thorough screening process into how you screen your tenants, you could choose the wrong tenant for your rental home. Your property is a significant asset. You keep it in excellent condition to provide a safe home for your renters. However, when bad tenants live in good rental properties, there's a good chance your property won't stay "good" for very long.
Set Your Criteria
Before you look through tenant applications, set the criteria you want for an ideal tenant. Make sure you follow Fair Housing laws to avoid discriminatory criteria and processes when screening tenants. However, with your preset criteria, you can measure every applicant against the same set of conditions for a fair selection process.
Make sure to consider allowing tenants with pets. Pet owners are often excellent tenants. When they find a safe home for their pet and a pet-friendly landlord, they tend to renew their lease. Keeping a tenant is a better way to make more long-term income than replacing a tenant at the end of every lease term.
Screening is the Only Way to Choose With Confidence
Reading an application and speaking with a potential renter is only part of the screening process. Without digging deeper into each applicant's background, you risk placing a bad tenant in your property. Terrible tenants often fail to pay the rent on time (or at all). They cause damage to rental properties and are tough to evict if they violate the terms of the lease agreement.
Every applicant should go through this process, including any tenants that you add to an existing lease. Make sure your screening process includes:
- Credit history
- Employment history and verification
- Income verification
- Criminal background
- Prior rental history and references
That can sound like a lot of work! In most cases, you can run these background checks in 24-48 hours—and it's worth the wait to avoid putting a bad tenant in your rental property.
Use a trusted partner that understands the laws for looking into private information, as well as storing and transferring that information to you. Your DFW home property management company follows the laws when screening tenants. We help you set your criteria, run background reports, and provide reports to you in ways that comply with privacy laws.
Screening for the best tenants is a delicate process. Use these links to learn more about why it's important and how to follow a legal screening process.
- Knowing How to Properly Screen Tenants Protects Your Garland Rental Properties
- How to Protect Your McKinney Investment Properties From Professional Tenants
- Allowing Pets Into Your McKinney Rental Properties Is a Smart Financial Move
- 'Should I Add a Tenant to an Existing Lease?' McKinney Property Management Answers
- How to Evict a Tenant as a Last Resort for Your McKinney Investment Properties
Let the Pros Handle Property Maintenance
Maybe you're a "DIY" kind of person who loves to grab a hammer or a wrench and fix a maintenance problem yourself. While that might work well for your private home, successful property investors understand that letting the pros handle maintenance is a more profitable (and time-saving) solution.
Keep Up With Inspections
It can be time-consuming and expensive to address property maintenance until after your tenant calls with an emergency issue. Following a schedule of regular property inspections and seasonal maintenance helps keep your investment property in excellent condition for your tenants. You'll also see potential problems before they become an emergency—saving time, money, and headaches by proactively addressing potential issues.
Poorly-handled maintenance services are one of the top reasons why tenants don't renew a lease. Professional maintenance shows your tenants that you want to provide a safe home, and you're responsive when resolving problems.
Upgrade Only What's Necessary
It's critical to keep your property current with modern homes and provide the features renters look for in a rental home. However, the wrong upgrades can be an expensive mistake.
Be careful only to make upgrades that will keep your property profitable. Spending too much on expensive renovations can make it challenging to recover your costs. An expert DFW home property management company can guide you through the best upgrades for your rental property. Your property manager also has plenty of vetted contractors to handle preventative maintenance, inspections, and emergency repairs!
Maintenance can't be an afterthought or a "when you can get to it" task. These resources can help you stay on top of keeping your property in excellent condition year-round.
Your Property Manager Has the Skills!
You don't have to master all of the skills to have a successful investment property. Your DFW home property management company already has the expert skills you need to generate the profits you need from your rental homes.
The right property manager makes it easy for you to keep your day-job while we manage your rental properties to success. We do it all, including:
- Marketing your property
- Finding the ideal rental rate that attracts the best tenants
- Screening all applicants to place your ideal tenant
- Paperwork, including lease agreements, permits, and tracking expenses and income
- Collecting the rent and security deposits
- Inspections, preventative maintenance, and emergency repairs—24/7
- Financial reporting
- Eviction services (if needed)
Property investors can spend a lot of money on the wrong solutions or DIY fixes that don't turn out as they did in the Youtube video that showed you how to solve a problem. Your time is more valuable than spending an afternoon looking through tenant applications and calling references.
Property management is the "Renaissance" answer to having the ready-made skills you need to generate more long-term income—passively!
Be sure to choose the property manager that's the best fit for your properties and your financial goals. Any skilled DFW home property management company can collect the rent and find a renter to live in your property. However, that doesn't make them the best partner for you!
Click the links below to learn about finding the best property management partner for successful property investing!