Nobody desires to pay out money- The fact remains that being a land owner you purchased the property to earn! But here are a few pointers to spending money at the correct place which would definitely save you a lot of money in the future.
The first area worthy of investment is landscaping. Think about it. The very first thing any prospective tenant sees is the property’s front yard. You definitely want to make a good first impression, so take the time and money to hire a good landscaper…and front the property’s water bill. Your future tenants will enjoy all a good, well-kept yard has to offer, with the added luxury of not having to do any of the upkeep themselves. Get an inexpensive sprinkler system installed to keep everything watered, and hire a good gardener to take care of it all. A big part of the appeal of renting is the lack of yard work on the tenants’ part- don’t let your lawn reflect that fact!
By contrast this may come off as really obvious, but you simply cannot get by in today’s market as a landlord without ads. If no one knows you’ve got property for rent, no one’s going to be knocking on your door asking for the privilege of paying you. A simple sign on the lawn noting that you’re renting will help if you live in a busy area, but if you’re a little off the beaten path you’ll want something more assertive. If you’re in the latter situation, the internet comes highly recommended. While newspapers are slowly dying and have expensive asking prices for ads, the internet is only becoming more popular and ads on it are often very cheap and affordable.
When those prospective tenants finally find you, they’re going to want to deal with a company; something that looks professional and trustworthy rather than just a single person who may or may not be competent! A small investment can net you an 800 number and a P.O. box, giving yourself both a separate place for tenants to contact you and professional looking contact info. This carries the added benefit of privacy, preventing your tenants from knowing where you live, or getting their calls on your cell phone at all hours! You must be sure to keep boundaries set. Your tenants can tend to feel entitled, and if they do develop such attitudes, let it all go to your alternate contacts. In this manner you can keep your life separate and not be enslaved.
The start of the paperwork trail is often where incompetent landlords finish themselves. Don’t be them. Spend a little extra to have an absolutely flawless, state-specific lease that takes every last bit of legality and every potential dispute into account. A generic form will do you more harm than good if you wind up in court with your tenant.
Finally, your property is gorgeous, people have heard about you and you’ve acquired tenants. From this point onward DO NOT be shy about collecting rent. If someone is late or shows signs of non-payment, don’t be afraid to spur him into action with a Three Days to Pay or Quit Notice sitting in his mailbox. It’ll scare him enough that he won’t be late again. Stay strict and they will pay up. But, if someone still doesn’t and you find yourself having to evict them, since you’ve kept up front about it you’ll begin the process exactly on time, preventing you from losing potentially costly days.
In the worst case situation, if you have to evict a person from your property, by keeping to the above you’ll have the process ticking in accurate order like clockwork. Remember, the sooner you get a non-profitable tenant out, the sooner you can get a profitable one in to replace him. There’s no need to be rude about it, but you should be firm and unyielding, if respectful and professional. Invest in all these things, and you’ll come out ahead in the game.