Once you purchase an investment property, you practically become the CEO and manager of your own business, your very own real estate business. However, being a landlord is not nearly as easy as it sounds. As a landlord, other people will depend on you for a safe living environment. Running and managing properties can be very tiresome. Your main goal will be to keep your property stable but also to fill it with tenants, charging the highest possible rent per square foot, while still keeping your tenants happy. There are multiple things landlords and managers can consider and do if they want to grow their investments to new levels.
The Condition of the Property
As a landlord, you want to be able to charge the highest possible rent you can to your tenants. Morality does not enter the world of real estate. It is a dog-eat-dog business, and you need to be assertive if you want to excel. You need a sharp, clean, modernized building that will appeal to many different types of tenants. However, you need to focus on much more than just the property. The structure, landscaping, and even the parking lot needs to be in pristine condition at all times so that tenants feel like they are living in a clean area. Landlords must deliver a property that is clean and safe, no matter what else they do. Good tenants will not want to live in a shabby looking home. Running around with a mop and broom may not seem like your idea of fun, but nothing is more appealing than a sparkling new home. A good property management company in the local area can ensure your properties are well-kept and cleaned promptly so that vacancy times stay low.
Screening Tenants
Professional property managers in Houston need to set criteria of tenants who qualify before accepting applications for tenancy. Make each tenant fill out an application, and follow up on the information to ensure things like employment history, background data, and criminal record checks are in line with the information the prospective tenant has provided. Do not just visit your local department store to acquire a run-of-the-mill, mass-printed rental application. Have your lawyer draw up an application, or search online to see what free applications are available. You need as much information as possible about tenants who may be residing in your properties, so it is worth the extra effort.
