As a new owner, it can be a daunting and time-consuming process to get your property rented to the right tenants. There are many resources available to homeowners to help them become homeowners. Here are some practices our property management firm employs to ensure operations run smoothly:
- Run a credit check on your applicants – it’s worth paying to get a credit check on your applicants as part of your selection process. This lets you know the financial history of the person who will be paying you monthly, giving you an idea of how responsible they are with their money.
- Eliminate checks – set up a preauthorized debit instead: Preauthorized debit will ensure you get paid every month and eliminate the risk of lost checks or the hassle of going to collect rent from your tenant. Most banks have a very simple form that you can fill out so that the rent can come out of your tenant’s bank account each month. Talk to your financial services representative for complete information on the process.
- Learn about the Landlord and Tenant Act – Every good landlord should know what he is responsible for and what his tenant has the right to do. This will prevent you from being cheated in the future and is a general good practice for anyone looking to protect their investment.
- Check your property regularly – Set up a schedule with your tenant so they know you’ll be visiting to check on the property. This will help build the relationship between you and your tenant, prevent growth operations on your home, and ensure that your income property is still in one piece.
Hope Street has you covered.
Managing your own rental property can be stressful, we all know someone who has had a terrible rental experience, or a landlord with a horror story of renters vandalizing their home. Additionally, the time spent finding tenants, maintaining and upkeep, and collecting rent could be classified as a second full-time job. Fortunately, Hope Street has you covered. Our team will do all the hard work necessary to find you qualified tenants, regularly check on your home, and take care of repairs while you sit and collect residual income. Book a free consultation with one of our agents today to find out how much your home can rent for.