Even though it may not have been in your plans, now that you're a first-time landlord, you can earn a substantial passive income from renting out your Suwanee property.
But as with all new ventures, there's a lot to learn. That's why we're going to look at four key strategies that maximize profits without the hassle and stress that affects many less successful landlords.
Read on to learn how to manage rental homes with ease.
1. Buy Landlord Insurance
One of the most critical landlord tips is to buy the correct landlord insurance policy. There are so many risks when you own a rental home that it's worth investing in a policy that provides comprehensive cover, even if it costs a little more than a less extensive option.
For example, your policy should protect you if tenants or their guests suffer an injury on your property. You can also buy insurance coverage for lost rental income in certain circumstances, and also for repairs should tenants accidentally damage your home.
This can give you peace of mind as well as provide financial security.
2. Fix Common Maintenance Issues
Although your aim as a landlord is to increase your income, there are some necessary expenditures, and this includes maintenance issues. A good rental property management strategy is to make a checklist for each room and ensure your property is in excellent condition.
Look for risks such as gaps in roof tiles, drafty windows, and faulty electrical outlets. Should you have any concerns, it's important to make repairs before any signs of damage or wear and tear worsen.
Not only will being proactive help keep tenants safe, but it will allow you to keep maintenance costs to a minimum.
3. Learn How to Screen Tenants
You may be tempted to sign a contract as soon as you find a potential renter. However, one of the most vital pieces of property rental advice is to carry out a thorough tenant screening process.
This will help you confirm that a tenant is responsible and has enough income to pay rent each month. By finding out this information at the start, you can have confidence that you're allowing a reliable tenant into your property.
4. Simplify Rent Collection Procedures
While your tenants should make the effort to pay their rent on time, there are things you can do to make this process easier. As many people prefer to make online payments, you can use a tenant portal so renters can transfer money from their electronic devices.
It's also helpful to send automated email reminders just before payments are due. When tenants pay on time each month, this makes keeping your finances in order much more straightforward.
Becoming an Accidental Landlord Is a Terrific Opportunity
Although suddenly becoming an accidental landlord can seem daunting, it opens up lucrative financial possibilities. The best bit is that a property manager can handle the details while you earn a passive income.
At PMI North Atlanta, we provide full-service real estate asset management services. We pride ourselves on delivering time and again for our clients, growing your profits, and maximizing the value of your investment.
To learn how we can help you, contact our expert property team today.
