Landlords generally buy property with the intent of getting money out of it, so putting money in may seem like a self-defeating thing. But as the old saying goes, you have to spend money to make it, and there are some short term costs you should give in to, so as to save yourself greater costs later in the future. Here are some of the major property management ideas.
The first area worthy of investment is landscaping. Think about it. The very first thing any prospective tenant sees is the property’s front yard. You definitely want to make a good first impression, so take the time and money to hire a good landscaper…and front the property’s water bill. Your future tenants will enjoy all a good, well-kempt yard has to offer, with the added luxury of not having to do any of the upkeep themselves. Get an inexpensive property management sprinkler system installed to keep everything watered, and hire a good gardener to take care of it all. A big part of the appeal of renting is the lack of yard work on the tenants’ part- don’t let your lawn reflect that fact!
So now that you’ve got a lovely lawn and the upkeep is in competent hands, you need to consider advertsing! If you don’t present your property to prospective tenants, they’ll never come- how can they, if they don’t know you’re there? The first and most obvious thing to do is to place a sign in the front of the propertythat states you are now leasing, but then you must branch out from there, especially if your area sees little traffic. Now, I’m not going to tell you to invest in newspaper ads and such- those are costly and besides, the print media sees fewer and fewer readers anymore. Instead, turn to the internet, where certain sites offer FREE advertsing. Try putting your ad up on Craigslist, to start with. You’ll get tons of views and not have to spend a penny.
It’s the little things that make a big difference in the minds of potential customers. People like to feel like they’re renting from a professional instead of someone who barely knows how to keep things running. Whether you’re new to the business or an old hand, you’ll want a business phone number and a PO Box. It can be highly destructive to the tenant-landlord relationship if they know where you’re living at and that the phone you’re using is just your regular mobile phone.
The start of the paperwork trail is often where incompetent landlords finish themselves. Don’t be them. Spend a little extra to have an absolutely flawless, state-specific lease that takes every last bit of legality and every potential dispute into account. A generic form will do you more harm than good if you wind up in court with your tenant.
Don’t be too sympathetic or slow with tenants who try to get away with making their payments off schedule. The very first time he’s late, hit him with a certified 3-Day Notice. He’ll sit up and pay attention and start giving you the money he owes on time.
In the worst case situation, if you have to evict a person from your property, by keeping to the above you’ll have the process ticking in accurate order like clockwork. Remember, the sooner you get a non-profitable tenant out, the sooner you can get a profitable one in to replace him. There’s no need to be rude about it, but you should be firm and unyielding, if respectful and professional. Invest in all these things, and you’ll come out ahead in the game.
