So, you have finally decided to convert your home into a rental property. It was high time. You are happy with this decision though. But remember that getting into the shoes of a property manager and that too without any professional qualification is not going to be that easy.
You were impressed with this business model and it was one of the strongest prisons that you decided to go on this path. Let’s give you a few tips so that you can become not just a fabulous and incredible landlord but a thoroughly professional property manager in your own right. Let’s begin:
- Never Ignore Modern Amenities
The first thing that you should do as a new property manager is to think from the perspective of a potential guest or tenant for your rental property. You must remember to provide them with the most modern and top-notch amenities. This is going to ensure that they have a comfortable stay in your house. These amenities may include top-of-the-line sanitaryware, the most modern and easily usable kitchen equipment, electric kettles, eco-friendly refrigerators, 24/7 available internet access, and some other important services that you might think your tenants will enjoy. This is a great way to portray your property as one of the hottest spots in the city and it establishes you as a responsible and considerate property manager as well.
- Create A Rule Book For Your Property
You might think that it is a bit of an exaggeration but it is not. Every successful landlord must go with a rule book. You will have to come up with a set of guidelines and rules for your property and every tenant that you invite should be given a copy so that they can enjoy their stay on your premises without compromising on any guidelines and rules. This will maintain the proper decorum on your property and it will help you prevent any activities that disrupt and disturb the peace of your neighbors as well. These rules could be regarding anything ranging from the use of appliances to water conservation and also to medical emergencies, noise levels at night, and several other aspects that you may find suitable to include in your property rule book.
- Invest In The Right Software/Technology
It is very important for a landlord to invest in the right technology. It does not only mean the most efficient computers, servers, and office equipment. It also means the right tenant screening software for landlords that can come in handy in the most critical situations. These software tools help you assess the background and the credibility of the tenant that you are about to let on your property. Remember, it is very crucial that you understand what the previous record of your potential tenants has been. If they have had any complaints against them or any building-related offense, it is something that you should be aware of before you sign any agreement with them. This software also allows you to verify the documents that your probable tenants have submitted to you for complete scrutiny and your satisfaction.
- Take Out The Time For Repairs And Upgrades
Yes, you have already taken care of the most important aspect and that is modern amenities. However, you will be required to repair and upgrade them periodically as well. This will keep your property marketable and attractive to your future renters. The easiest way to do that is to stay updated about all the new fittings, structures, services, and facilities that become available in the market as time passes by. For example, you can invest in an IoT-enabled vacuum cleaning robot that can help your tenants keep the premises clean. You can also invest in smartphone-controlled smart locks and security systems for your entire property to make the stay of your tenants more comfortable and convenient.
- Maintain Hygiene, Always
Given that the world has come out of a stressful two years due to the pandemic, it only makes sense to invest some of your resources, time, and money in maintaining the hygiene of your property too. This is a great way to attract the cream of tourists that travel the world regularly. It will also allow you to ask for a higher price for your homestay.
Making money from your home by turning it into a rental property is a clever decision. However, all your efforts will be in vain if you don’t pay attention to the tips given above. So feel free to refer to this whenever you feel clueless.