In our previous blog, we talked about what to do when choosing the right rental property to ensure it is a good investment. Now let’s talk about how you can become a successful landlord.

Perhaps one of the first things you will want to decide is how much rent to charge. Naturally, you are going to want an immediate return on your investment and may decide to charge market value or higher. If you choose this option, be prepared for a greater turnover of renters. You should also be aware that this may attract people who are not as financially responsible as they should be. On the other hand, if you charge a little less, you will have more interest in the place and so have a wider range of prospective tenants to choose from. You may also find that the tenant will stay longer.

Your rental property will need to conform to local city regulations. You must get to know these requirements and adhere to them, as they are in place to keep your tenants safe.

Prepare ahead for unexpected repairs or other expenses that have to do with your rental property. It is wise to put aside some of the rental income each month towards these costs.

Finally, before a new tenant moves into your property, check that the place is free of safety hazards and is thoroughly cleaned. It is also good to apply a fresh coat of paint and keep the home to a high standard – this way, you will provide a great living space for the ones living there.

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