Top 10 Tips for New Rental Property Owners
by Shane Evertson
Sep 12, 2020
1. Rent is your priority
Since your rental property is business, rent is your revenue. This is a house owned by a business with legal obligations. Make sure that you enforce and follow your rules especially your late rent fee. You may allow a 24 hr grace period, but afterward you must be firm with your rules. If you aren’t strict then the tenants will take advantage of your lenience. It’s important to separate business needs from emotional needs and remain professional with tenants.
Evermark will do all rent collection! No more stress over late rent fees or hassle of collecting rent. We make it easy to treat your rental property as a business without any emotional attachments.
2. Your Rental Property is a Business
Just like any business, it’s important that you are fully aware of all the federal, state, and local laws, especially in real estate. Keep yourself educated to protect yourself in any legal situation. Get landlord insurance as well as require renter’s insurance from your tenants to avoid any lawsuit if their belongings get damaged.
Evermark is current on all federal, state, and local laws and can help to explain and advice on any property regulations.
3. Thorough Tenant Screening Process
Think long-term when choosing your tenants. You want someone who is going to pay in full each month, with no criminal history, and a good rental background. Quality tenants will pay on time each month. You can acquire this information through a rental application that asks for quick information including name, address, employer information, income, landlord references, etc. Require credit checks as well as a background check. Make sure to flag anyone with notable debt, undue payments, bankruptcy filing, or prior eviction history. As a good rule of thumb, anything under a credit of 600 is considered bad credit. Follow your instincts while screening new tenants.
Evermark vets all future tenants including criminal background, rental history background, and credit score. We fill vacancies and find quality tenants that leave you making a steady income.
4. Find the Right Price for your Property
Research the area of your property for fair market prices. When setting the price, make sure to keep in mind the fixed as well as unexpected expenses that are incorporated with renting out the property.
Use our free rental analysis to learn more about fair market prices for your property. We use multiple sources with rental comparison to ensure the owner is getting the highest rent in that market.
5. Keep the unit or building in good condition
As a good standard, keep the unit in a condition you would be wiling to live in with your family. Make sure that the smoke and carbon monoxide detectors work, check pipes for combustion, and clean out the vents. When renovating, focus on long-term needs. Don’t invest in renovations that won’t produce higher rent. Also, keep in mind that people are much harder on property they don’t own.
Evermark has 24 hr maintenance services that make it easy to update or renovate your property.
6. Find tenants online
In today’s world, everything is online. Tenants look online for a new rental property, meaning landlords should make it priority to post listings online. Try out sites like Trulia and Cozy to get traffic going to your rental property. On the listing, be transparent about the pricing and other important information. The more information provided, the better. Tip: upload clear and high-resolution photos of every room to help visualize the property.
Evermark finds the tenants for you using multiple online platforms, widening our chances to find the best tenants possible.
7. Have a contact list ready
Budget for problems with your rental property. Be prepared before the problem arises with a plumber, locksmith, and contractor on call. As well, plan for seasonal maintenance. The more prepared you are, the faster any emergency call will get resolved.
Evermark provide all maintenance services including plumbing, locksmith, and contracting. From tree removal from a windstorm to flood emergencies, we are here ready to help.
8. Have a written rental agreement
Have everything documented clearly and specific to your rental property. Make sure to add any specific rules like pet rules, late rent fees, security deposit amount, noise restriction rules, etc. Also add the HOA regulations inside of the rental agreement including quiet hours and guest parking rules.
Evermark can help to create the perfect rental agreement for your property.
9. Go Digital
Digital is the only way to go in today’s world. Collecting rent payments online will not only help you stay organized but also makes it easier for the tenant to pay on time. Also, keep a digital record of all files and contracts. This is important if any legal issue arises in the future.
Evermark uses a property management software that allows tenants and owners to login and send in repair request forms, make payments, as well as other functions.
10. Maintain a good relationship with your tenants
It’s easier to keep good tenants than to consistently be filling vacancies, which also saves a lot of time and money. Make sure to attend promptly to any property-related concerns. Response rate is key to keeping a good relationship with tenants. Ask to renew agreements 90 days before a good tenant’s lease expires.
Evermark has a 24-hr on-call service and a fast response time to all requests. Check out our reviews and see how we’ve kept a good relationship with all our tenants.
We know the hard work, stress, but also benefits that come with being a rental property owner. We would love to review with you the best managing strategies for your property. If you are looking into hiring a property management company, don’t hesitate to reach out to Evermark Property Solutions and we can sit down and talk about your unique property options. Contact us today at (385) 388-9080.