Making money from an investment property is a dream come true. After hiring a property manager to look after your rental home, you often have little to do besides receiving a monthly income.
However, this is only true if you have great tenants in your property. If you have periods where your house is unoccupied, or irresponsible tenants who damage your premises, this can cost you a lot of money.
Fortunately, there are leasing management techniques you can use to ensure you have dependable tenants all year round.
Read on to learn more.
Screen Your Tenants
The first step is to decide if potential tenants are suitable. During the screening process, you can find out if they can afford the monthly rent. You'll also be able to review references to find out if an applicant is of sound character and likely to treat your property well.
Before agreeing to lease your home, this is a good time to make your expectations clear. Tenants will then know if they are allowed to have pets on the property or if it's acceptable to bring their own furniture to the property.
When everyone understands the rental conditions, this reduces the chances of any future disagreements.
Communicate With Tenants
One of the most frustrating aspects for a tenant is if a landlord is slow to reply to requests.
For example, an occupant may find that it is too cold in the house and they want to know how to turn up the thermostat. Or, they may need an urgent repair carried out if a window or door is broken. These are problems that an occupant will want you to resolve immediately.
This is when a property manager is essential. They will reply promptly and deal with any issues as quickly as possible. By showing your tenants that you care, you can encourage them to renew their lease.
Enhance Your Property
Aside from keeping your property in good condition, you can also make improvements. This can include enhancing the backyard or buying new appliances that are more efficient than older models.
There is no need for this to be expensive, and making even small and affordable upgrades will impress your tenants.
Offer Lease Renewal Terms Early
When their lease agreement is coming to an end, tenants may start looking at other properties in the area. Should they see a rental home they like, they may decide to leave your house and sign a contract with another landlord.
To avoid this scenario, you can offer new lease terms early. This not only guarantees your income, but it provides tenants with peace of mind that they have somewhere to live over the long term.
Contact Us for All Your Leasing Management Needs
When you use the right leasing management strategies, you can look forward to keeping your investment property occupied throughout the year.
With extensive experience dealing with clients and renters for many years, we're confident we can help you find great tenants and boost your rental income.
Let us take care of all your property management needs and contact our expert team today.
