Tips for Stress-Free Rental Success
Category Advice
Renting out your property can be an excellent way to generate additional passive income. There are, of course, certain risks and rewards associated with this kind of venture. However, planning and preparation is the key to mitigating those risks and maximising your successes.
Keep reading for a detailed list of tips to ensure that your rental property is consistently occupied and running smoothly.
Top Tips For Running A Rental Property Successfully
1. Screen Potential Tenants
One of the cornerstones of a successful rental property is a steady stream of responsible, reliable tenants. You probably know someone who has had a disastrous rental experience because they chose the wrong tenants who either didn't keep up with rent, damaged the property, caused disruptions, or faced eviction. Properly vetting your potential tenants is vital to an amicable, mutually rewarding relationship.
A few ways to discern whether a tenant is a good fit is to look closely at their:
- Bank statements
- Reviews and references
- And credit history
In addition to these paper-based screening methods, pay attention to your gut instincts, how your face-to-face meeting goes, how well you connect personally, and so on.
2. Set Rent Competitively
You don't want to set your rental amount too high or too low. Take time to research the local rental market to determine a competitive rent rate for your property. Pricing it appropriately and fairly will attract the right potential tenants and ensure a steady income.
3. Draft A Clear Rental Agreement
Establishing clear, detailed, and thorough rental policies forms the foundation of a successful tenant / landlord relationship. Draft a comprehensive rental agreement that outlines all the terms and conditions of the lease, including rent due dates, security deposit details, and rules for the property. Make sure tenants understand, agree on, and adhere to these policies.
4. Prioritise Communication
Make every effort to maintain open and respectful communication with your tenants. Be responsive to their concerns and questions, and keep them informed about any changes or repairs to the property. This is particularly important if you own a Sectional Title, where Body Corporate rules and regulations will factor into the daily running of the property.
5. Maintain Your Property Regularly
As a property owner, you can attract and retain great tenants by regularly maintaining your rental property. Conduct regular and scheduled inspections and tend to ongoing wear and tear in order to keep the property in good condition. Be sure to also address repairs and maintenance requests from tenants promptly. This will not only ensure tenant satisfaction but will protect your investment.
6. Call In The Professionals
When your life, work, and commitments need to continue without disruption, running a rental property on your own can be stressful. A professional property manager will see to all the admin, communications, third party dealings, and day-to-day management on your behalf. This will free you up to continue with other aspects of your life, knowing that a professional is handling the details in the background.
Need help navigating your next residential lease? Contact us!
With years of expertise in the South African rental market and a deep understanding of both landlord and tenant rights and responsibilities, we can help you navigate the onboarding of your next tenant. Get in touch with us today and let us help you on your way to a successful landlord / tenant relationship.
Author: SAProperty.com
