Posted by When we talk to new investors becoming landlords for the first time, we always mention the following 5 success tips. Veteran investors might also find this review to be extremely helpful. Providing property management in Overland Park gives us the chance to see where investors succeed and where they are most challenged.
Thorough Screening Process
Thoroughly screen all potential renters. Have a strong application that your interested tenants fill out completely, and make sure your requirements and policies are in writing so you stay out of trouble. Once you have the application, check credit reports, verify income, and o a complete background check.
Use a Strong Lease
A well-written lease is essential to protect your investment property. Invest in a good real estate attorney who understands landlord tenant law and can write a great lease for you. This will save you money and be worth it in the long run.
Avoid Personal Relationships with Tenants
Employ a little tough love and don’t become friends with your renters. You want to be able to enforce the lease terms and not be their buddy. That will create long range problems that are best avoided.
Know When to Replace Rather than Repair
When things go wrong, don’t keep fixing the same problem. Maintain the property for the long term. Recently we had an air conditioner that kept having problems. Rather than repairing it with another Band-Aid, we determined that replacing the air conditioning unit was the right call.
Repair Problems Quickly
To attract top notch tenants and retain them, you need to fix things promptly when a repair request is made. Fix what is broken as quickly as possible. This keeps your renters happy, and happy renters stay longer. That improves your cash flow. Get things taken care of in a timely manner.
These are the top 5 success tips for new investors becoming landlords. If you have any questions about Overland Park property management, Lenexa property management, or investment services in any of the surrounding areas, please contact us at Home Rental Services.
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