Helpful Tips: In this series, we’re providing professional advice for getting the best price and top quality tenants for your rental properties.
First Impressions Matter!
Even though we’re told not to judge a book by its cover, as much as a renter is looking at each property for it’s appearance, size and features, a renter is also sizing up the person doing the showing. When we manage properties make sure to look and act professionally.
Renters are more likely to take a buttoned-up professional more serious than an independent landlord because they know they are dealing with an expert — someone who knows the rules, regulations and ins and outs of property management. Make sure you convey this knowledge by doing your homework and setting the standard for interactions from the start. They’ll be more willing to pay a higher price knowing a reliable and thorough landlord will be available to them if they choose to rent from you.
Negotiate With Confidence
Payment negotiations can be awkward. If you’ve ever gone to a flea market and bargained with a person in real life, you know the feeling. When renting on your own, there can be a certain anxiety and immediacy that can cloud pricing judgments. Hiring a professional takes this burden off your plate; but if you’re going to tackle it yourself, be sure to field multiple inquiries and offers in order to compare, discuss and push back (if necessary) to get the most money for a rental or a tenant you think will be exceptional and easy to manage.
Keep Your Thumb On The Pulse
Property managers make it their business — literally — to stay on top of popular trends. They live, eat and breathe the real estate and rental industry. With so many facts, figures, studies and reports, it’s best to trust a professional to know what’s happening and how it can affect managing your rental. If you’re going to rent your property without professional help, do your research.
In depth insight in the industry, technology and competition ensures your property is being priced correctly and marketed to the fullest. With complicated and varied housing laws across states and counties, it might be more difficult to know everything all the time. Calling an expert in your market for some help might be your safest bet in this area.
Always Read the Fine Print
As previously mentioned, property owners may find it difficult to properly educate themselves on all the rules and regulations. It would be a smart choice to get in touch with a professional expert in property management to help understand all the technical parts of renting. Professional property managers know all the Fair Housing laws and can avoid liability for accepting the wrong tenant, or saying the wrong thing.
Property managers can also help navigate special types of investments. For example, when using a 401k to invest in property, professional property management services are required. Better still, property management fees can be tax deductible — so not only can they help you get top dollar for your rental but you can actually save some money at the same time.
Carve Out the Time Where You Can
Sometimes the best way to get top dollar for a rental is to give yourself some time to “shop” around for the best tenants and figure out the best timing and pricing. This can be difficult if managing property is not your full-time job. That is why homeowners often turn to career property managers and agents. Professionals can dedicate their time to find tenants and provide full-range landlord services to help them find more opportunities and peace of mind.
If you’re set on renting your property yourself, try to find the time to do morning, evening, and weekend showings — just like the pros. And if a great applicant comes along, spend the time to thoroughly complete the screening and agreement process. Make sure you have the application and the checks & balances to properly screen and review a tenant’s background before approving and finalizing an agreement.
Being a landlord takes time and filling a rental is not always an easy task. As professionals, we’re always looking for opportunities to take on these headaches so homeowners can focus on other important things. Hopefully our expertise can help you understand the fundamentals of property management for a successful and enjoyable renting experience!