Tips For Land Owners
You are a landlord. You've already paid up to buy the property that you now are trying to profit from. This might have run you a pretty penny and it's unlikely that you'll want to have to spend more anytime soon. However, while you may have heard people speak of having to spend money to make money, being a landlord is a career in which that adage holds true. There are some aspects of your property and the management thereof that, if you spend some money now, will help you to bring in the big bucks later on.
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-kept yard has to offer, with the added luxury of not having to do any of the upkeep themselves. Get an inexpensive 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!
2. Advertising: In order to lease your property to someone a prerequisite is that they should be aware that the property is to be had on rent. You must certainly put an mark in your yard indicating that your property is available for the purpose of leasing, it may be that this place is not very busy and hence a very few people would come across this information, in this scenario you need to put in some extra efforts, you can effectively utilize the power of Internet which is widespread and cheaper than Newspapers when it comes to publishing advertisements. Explore the web to find some suitable places where you can put up the details of you property.
When those prospective tenants finally find you, they're going to want to deal with a company; something that looks professional and trustworthy rather than just a single person who may or may not be competent! A small investment can net you an 800 number and a P.O. box, giving yourself both a separate place for tenants to contact you and professional looking contact info. This carries the added benefit of privacy, preventing your tenants from knowing where you live, or getting their calls on your cell phone at all hours! You must be sure to keep boundaries set. Your tenants can tend to feel entitled, and if they do develop such attitudes, let it all go to your alternate contacts. In this manner you can keep your life separate and not be enslaved.
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.
Be firm and give the tenant the notice the EXACT day that you find it necessary to do so. This is where that alternate contact info will help you again- having it come from Management rather than from you lets Management be the "bad guys" instead of you. With good investments made in landscaping, contacts and a lease, your place well-advertised and you being quick with notices, you'll save yourself literally thousands and your career as a landlord will become as profitable as you've hoped. - 23305
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-kept yard has to offer, with the added luxury of not having to do any of the upkeep themselves. Get an inexpensive 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!
2. Advertising: In order to lease your property to someone a prerequisite is that they should be aware that the property is to be had on rent. You must certainly put an mark in your yard indicating that your property is available for the purpose of leasing, it may be that this place is not very busy and hence a very few people would come across this information, in this scenario you need to put in some extra efforts, you can effectively utilize the power of Internet which is widespread and cheaper than Newspapers when it comes to publishing advertisements. Explore the web to find some suitable places where you can put up the details of you property.
When those prospective tenants finally find you, they're going to want to deal with a company; something that looks professional and trustworthy rather than just a single person who may or may not be competent! A small investment can net you an 800 number and a P.O. box, giving yourself both a separate place for tenants to contact you and professional looking contact info. This carries the added benefit of privacy, preventing your tenants from knowing where you live, or getting their calls on your cell phone at all hours! You must be sure to keep boundaries set. Your tenants can tend to feel entitled, and if they do develop such attitudes, let it all go to your alternate contacts. In this manner you can keep your life separate and not be enslaved.
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.
Be firm and give the tenant the notice the EXACT day that you find it necessary to do so. This is where that alternate contact info will help you again- having it come from Management rather than from you lets Management be the "bad guys" instead of you. With good investments made in landscaping, contacts and a lease, your place well-advertised and you being quick with notices, you'll save yourself literally thousands and your career as a landlord will become as profitable as you've hoped. - 23305
About the Author:
Layla Vanderbilt is the webmaster for a leading property management software review website which connects people with the leading property management tools.
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