Tips to Make Your Rental Property More Successful

Once you become a landlord, it can be overwhelming at first by how much time and effort it takes to manage tenants. It can be stressful and you be constantly working just to make sure everything runs smoothly. However, as experienced investors we have dealt with tenants and understand the best way to run your rental property so it is successful. Here are some tips to make being a landlord easier:

1. Create Rules and Stick to them

If you are constantly changing the rules for certain tenants, and letting certain things slide it can just create problems for you. Create rules, such as “Rent must be paid by cash, e-transfer etc.” This reduces questions and also decreases the amount of time explaining why something isn’t allowed.

2. Quality Product Means Quality Tenants

When renting your property, it is important to understand that the type of property reflects the type of tenant you will attract. This doesn’t mean you need to have the top of the line property. Just ensure that it is clean and is above average to help attract better tenants.

3. Set Your Availability

It is important to let tenants know when you are available, for example 10-5 Monday to Friday. This way, they know when to reach you and you can lessen the amount of late calls you get. You can still have a cell phone where they can reach you outside of those hours. If a tenant does call outside of your availability, let it go to voicemail. When they leave a message, you can tell if it was an important call! If they don’t leave a message then it probably wasn’t important.

4. Stay Organized

Organization is very important. Making sure you are on top off all rent payments, receipts or bills that come in make owning a rental property that much easier. Creating a excel sheet where you can track all payments, payment amounts, tenant contact info etc., is a helpful way to keep track of all your properties. You will know where to find any information in the future if you ever need it and you can always reference the excel sheet whenever.

5. Try Using A Google Voice Number

Google Voice is free and allows you to forward calls and messages to any of your devices. Allowing you to get spam filtered automatically. With Google Voice, you decide who can reach you and how. This is a great way to separate business calls from personal calls. You can have all business calls go to that number, which will still go to your phone. Google Voice also lets you choose when calls can come through. If you are busy you can have them all go to voicemail.

Thinking About Investing?

Interested in real estate investing? Contact us today! We help you find the perfect investment property for your needs. We set you up with the right connections to help make your investment a success.

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Call Matt 705-739-3432 or Dom 289-877-7785 to get started investing today.