‘s 5 Unconventional Tips for Landlords

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Many people look into renting out their properties (and subsequently becoming landlords) to supplement their income. But being a landlord may not be as easy as you think. Some potential landlords may not know what GASB 87 compliance is or what time frame they have for a tenant request. All of these things can be hard if they do not take them into account and tackle them head-on.

In a recent segment on BNN’s House Money, Senior Analyst joined host Greg Bonnell to discuss common misconceptions and mistakes first-time landlords can make, and to share his five unconventional tips for successful landlording:

1. Don’t treat it like a passive investment

Being a landlord is not about sitting back and just collecting the money, it’s a very involved job. You’ll get yourself in trouble treating it like a passive investment, missing out on reading markets and potential income.

2. Treat your tenants like your customers

If you have a tenant who pays you $1,000 a month, that’s a $12,000 customer – one you want to treat well! Be friendly and help them resolve any issue related to the property, so that they can feel at home. It can also help you get a long-term rent contract and create a good image in front of future tenants.

3. Maintain your property

If you don’t have any renters now, keep your property maintained for the people who can come for a viewing. Regularly trim the bushes, and keep the indoors clean and dust free. If needed, you can also use tools such as a vacuum cleaner (check out Riccar vacuum cleaners here), mop, microfiber duster, etc. to keep the house spotless. Moreover, if you have great tenants, still there will always be regular wear-and-tear. Trim the trees around the property, say no to shag carpet, and keep everything clean, functional, and updated. Not only does this help retain your tenants, but it also keeps the value of the property up.

If you struggle to maintain your property due to other commitments, you can use a Cincinnati Property Management Company or other similar property manager in your area to help you out. This will help to attract new tenants in the future, meaning you never have a period where the property sits empty.

4. Take well-staged photos of your property

Close that toilet lid! Make sure your photos are flattering, but don’t use a lens that makes a room look bigger than it is. Prospective tenants will only ever leave your property feeling disappointed rather than impressed. You can also stage the house and hire a real estate photographer to click professional pictures to attract potential renters.

5. Pay attention to “street-rents”

Like any product, prices fluctuate with supply and demand. It’s your responsibility to go online and see what your competition is renting for – right now – because it will fluctuate.

For more details about each of these important landlording strategies, and to find out whether you should really let your tenants paint that back bedroom purple, watch the full video here.

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