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By Harry Cline
Becoming a landlord is hard work and requires unwavering dedication. However, you can make the job easier and more enjoyable by providing amenities that keep your tenants happy. From property maintenance and fair rental rates to premium appliances to a well-thought-out floor plan, consider the following tips from the Mama Bear Team to get started.
Do It Yourself — With a Little Help
If you reside in the same city as your property and tenants, you may be able to effectively manage your property yourself. Of course, you’ll need to learn the ropes of being a landlord, as well as familiarize yourself with the rental rules and regulations in your area. Luckily, there are plenty of resources available to walk you through managing a rental property. Of course, as the property manager, it’s that much more important to stay on top of your finances. Avoid becoming overwhelmed by making good use of the tools available, such as Plaid’s loan API, which establishes a secure connection to your customers’ financial data. This provides your business with information about a customer’s current liability history such as credit card accounts, student loans, mortgage information or other credit accounts, as well as transaction history and due dates.
Consider Dedicated Property Managers
If you live elsewhere, travel often, or are just too busy, there’s a high probability that you can’t or won’t be available around the clock to interact with tenants. This is where a property management company comes in handy. Nolo points out that not only will an experienced agency handle property maintenance tasks, they can also collect rent and provide support for your renters, taking a ton of stress off your back.
If your property serves as a vacation rental, you’ll need a management service that works a little differently than residential service. Ideally, vacation property managers should handle everything from helping guests with bookings to cleaning the rental for the next occupants to securing the property with keyless locks and other strengthened security measures. A vacation property manager will also be able to handle the bulk of the marketing and can showcase why your well-appointed, one-bedroom condo is perfect for a couple’s getaway or how your modern two-bedroom home is perfect for families. Regardless of the type of property you have, a good management company will look after your property and keep its tenants or guests happy.
Offer an Open Floor Plan
An open floor plan is one that offers ample open areas with few barriers between your main rooms. Your kitchen, dining room, and living room, for example, will be visible from one another. This is especially important with small homes because you want your renters to feel they are getting the best value, and a single open space feels larger than separate rooms. Elle Decor offers a ton of great design ideas to help you envision what your rental home could be.
If you do not have an open floor plan currently, find a local contractor to help you reconfigure the interior of your home — do not attempt this on your own. One wrong swing of the hammer and you could quickly knock down a load-bearing wall.
Make It Durable
Quality materials, such as vinyl plank flooring and insulated windows, not only make your property more appealing but can also lessen your financial risk. Vinyl flooring is less susceptible to scuffing and scratching and does not need refinishing. Likewise, new, insulated windows can help keep pests out of the home. You should also consider premium paint, mildew-resistant materials in the bathroom, and modern, energy-efficient appliances, which will be an attractive inclusion that can set your property apart.
Allow Pets
Allowing pets is a liability. However, banning them automatically cuts out 65 percent of your potential renter pool. According to Modern Dog, more than 50 million households in the U.S. own a dog, while cats are members of over 40 million households. You must be careful, though, because there are risks involved, including potential property damage, noise nuisance, and lingering allergens once your tenants move out. Make sure that you have a thorough lease agreement that clearly indicates any charges that will be incurred per pet, for instances of damage, or if they are found to have more than the number of allowable animals.
Fence the Yard
Installing a privacy fence is an excellent way to give your tenants the feeling of privacy, even on a small lot. Further, adding a fence to the perimeter of the property will enhance security, keep your renters’ pets from straying, and complete the look of the exterior of the home.
There are many other considerations that go into creating the ideal rental. However, the tips presented above may help you implement action in areas you may have overlooked. Remember, to get the most added to your investment, you must put the most into it.
If you are interested in purchasing an investment home, contact the Mama Bear Team to help! Reach out today for more information: (720) 767-2057 or click HERE to contact us through our website.
