A lot more people are looking into the rental business these days. Properties are becoming expensive, and some people cannot afford such lavish purchases. A chunk of the population chooses the option to rent instead. Since there is a market for potential tenants, real estate owners lean on renting out their properties or a part of them to earn an income.
In the US, property owners own an average of 3 rental units. And about 10.6 million investors earn money from rentals. These landlords earn sizeable incomes because they know how to invest and maximize their properties. Unfortunately, some owners have little to no idea how to do that. But since you’re here, I can tell you how. You may not be a landlord, per se, but you have them as clients.
You can also benefit from knowing how to maximize a rental property. The landlords may not see the potential in their investments, but you will.
Tenant screening
The tenants who will occupy the rental will immensely affect the success of the landlord’s business. Good tenants will result in a healthy partnership with the landlord. And this is the part where you come in. To find this type of renter, you have to do a thorough screening of every potential applicant.
I know some landlords would jump at the first candidate because they want to avoid losing a month’s or two months’ rent. However, rushing into the first offer is not an assurance of a good tenant. Remind the landlord because waiting it out will not become a loss once you find the perfect renter. Doing an extensive screening will reveal any red flags about an applicant.
Always maintain the rental.
The properties landlords purchase are usually ready for occupancy. Although, some investors fail to realize the importance of maintaining their investments. If the clients see peeling paint, cracked floors, or jammed doors, they will see it as a low-quality rental. They may think it is not worth their money.
If the landlord wants to attract customers, he must ensure a liveable and comfortable home for them. The money he spends on maintaining his rental will pay off. Trust me on this one. They do not need to splurge on installing new things unless necessary, but they have to guarantee everything is working.
Bungalows
If there is one type of structure that many would recommend for a rental, it is bungalows. Some property owners who buy them separately rent the top and bottom floors. It is a perfect set-up for tenants who want to rent a house without paying for unused rooms or space. One example is a group of students who wish to live outside campus. They can each own a room and share the living room, kitchen, and dining room.
Exclude the garage and parking spot
Aside from the different floors in the house, landlords can have someone rent out the garage. They can turn it into a separate room for another tenant if it is spacious enough. They would have tenants occupying every inch of the property. Yes, some landlords do this to make the most of their investment. Not a bad idea, am I right?
Location
One of the crucial factors in choosing a property to purchase is the location. If the area does not offer convenience, renters will look for others. Not even if the property is ideal and beautiful. Investors should buy real estate near schools, hospitals, and supermarkets. The tenants should have a variety of options for transport like buses and trains. It is a plus if they can walk to their desired places.
Whichever way the landlord decides, it is your job to sell the ideas to the public. When you post your property listings on Padleads, include all the details which can help them decide. Don’t forget to syndicate the listings to other websites to gain more attention. Padleads will let you do all that. And remember what I said about tenant screening, okay?