Define a fair price
We all want to obtain satisfactory returns from the real estate market, but, if you ask for a really high price you’ll have few possibilities of finding tenants. On the other hand, if the price is super low, you’ll get any kind of tenants interested in the property.
What you should do is establish a fair price, at an attractive cost that won’t make people want to leave after three months for being too expensive. Study your competitors and test your price online, adjusting your ad according to the offers you get.
Be up to date with all the existing legislation and legal obligations
In the past few years, there have been several significant changes in the legislation regarding the real estate business, for both owners and tenants. That’s why it is vital that you are aware of all the changes that can impact your investment returns and the management of your property.
Select the tenants with a thorough selection process
Since you won’t be around to visit your property often, it is extremely important that you find tenants that are reliable and trustworthy, that take care of your property as their own. Do a background check and carefully analyze your candidates to choose the right ones.
Make a list of reliable service providers
There will be times when you’ll be requested to take care of certain maintenances and repairs.
If you previously worked with builders, plumbers, locksmiths, etc, that made repairs at a fair price, it makes perfect sense to use those services in the future if necessary. With time, you will be able to build a network of service providers to cover all your needs, from electricity to the pipeline repairs.
You should be aware of the providers that operate within your area. If you don’t know anyone yet, we absolutely recommend Get Things Done, a team of experienced home renovators.
Keep a list, communicate with them and make sure they know where your property is and that they are able to attend your demands whenever it is needed.
In order to ease your life, all your bills should be paid automatically and all your tenants should make you a transfer of the monthly rent. This way, if you’re traveling or busy doing something, you don’t have to be worried about paying water or electricity or other bills. Simply activate the direct debit systems and have your life simplified.
Have someone around
It is always good to have someone you trust close by to pick up the mail or let someone into the house, like the plumber, for example.
It is important that you trust your tenants, but it is also necessary to have a friend or family member to help with your properties.
Keep the communication channels open so your tenants don’t feel ignored or neglected. Sometimes, a simple Whatsapp message asking if everything’s alright is enough to see if they need some kind of help. This allows you to solve any problems by discussing and solving them in a timely manner.
Rely on property management services
There will be occasions when you won’t have the time to manage everything, especially if you have a wide range of properties. In those cases, it is almost impossible for landlords to manage their investments at a distance.
UrHome has a consolidated experience in the real estate market and can offer solutions specially adapted to you. We have a Tender, Love and Care (TLC) department specialized in managing properties and taking care of the property’s needs. We can regularly verify your houses, collect your rental payments and provide the house maintenance for you.
Although there’s a cost associated with these services, for many landlords this is a price that is worth paying to protect their investments.