If you're just starting to dive into the world of owning great rental spaces, you know from experience that every great journey begins with the right wisdom—and research! Depending on where you begin researching, you'll have more or less access to the kind of information you need to successfully operate great rentals in the Ashburn area. This is why, as the experts in Ashburn property management, we put together today's article. We know that lasting returns and community enrichment first find their start in education!
With the limited space we have here, we can't go over every bit of wisdom we've gleaned in our time serving as property managers, so we've condensed what we feel are the top five tips you need to consider when preparing your great spaces for lasting returns!
A quick note: This article is not intended as legal advice. However, it can be a great introduction to steps landlords can take to see successful growth! If you're facing a situation that requires legal counsel, work with a competent attorney, or get in touch with the Ashburn property management experts at RentSimple!
1. Thoroughly Screen Your Tenants
Screening tenants can’t be emphasized enough, because they are your bread and butter. A few bad apples in the mix will spoil your profits. It’s vital to make sure you are weeding out risks like Professional Tenants thoroughly and ethically. You can’t just deny a potential renter for random reasons, but you don’t want to accept high-risk tenants, either. There is a fine line to walk, and it’s critical to find that line and stick to it if you want to see lasting returns from your great spaces.
Of course, no screening process will be one hundred percent foolproof! You will likely still face challenges now and then, but if you get mostly great people in your great spaces, then you’ll see long-term, lasting returns!
2. Stay Professional in Your Approach
You’ve probably heard the expression, "Don't mix business with pleasure." The same can be said when you’re a property owner working with tenants. You don’t want to "get personal" with the great people living in your great spaces; it’s vital to stay professional and impartial. You never know when something may arise, and you’ll need to take action, such as sending an unpleasant warning letter—or even an eviction notice. This is much harder if you’ve crossed the line between a professional relationship to a more personal one.
For this reason, we often recommend as Ashburn property management not to rent your great spaces to friends and family. It may seem like the ideal situation, but when it doesn't work, the outcome is disastrous. Sometimes the other person may try to take advantage of the relationship, which can put you in an awkward position. It’s best to stay out of those entanglements and save yourself the trouble.
3. Use Proper Forms for All Things
When it comes time to draft the lease, you don’t want to use printed forms off the internet. This is a sure way to leave your great spaces open to risk. There’s no way to know if those forms are legal and binding just because the internet says they are!
If you aren’t going to work with a professional property management company that can handle that aspect for you, then you should hire a lawyer to write the leases. This is one of the most important things you can do, because if your lease isn’t valid or some crucial part is left out, then you could be liable for something you didn’t even know existed! Don't let this be you.
4. Price Like the Professionals
You may think you know what the best price is for your property. You may even have a price in mind that you want to get when you rent out your home. However, this might not be an accurate amount to charge. A rental market analysis is necessary to determine the exact amount, and it's based on heavy-duty research. Professional analysis determines the ideal rental rate for your home based on the market, and protects you from over or undercharging for your great spaces.
- If you undercharge yourself, then you're losing monthly income you could be earning.
- If you put your rates up too high, then there’s a chance your property will be vacant for too long.
If diving into the details isn't your favorite past time, you can rely on the experts in Ashburn property management to run the kind of rental analysis research you need to accurately price your great spaces and yield lasting returns!
5. Use a Property Management Company for Best Results
Don’t take a chance on your dreams of growing your property investment wealth! Working with the right property manager to handle all these details for you is a smart move for investors at every stage of growth. From screening the great people who will call your great spaces home to creating the lease and everything in between, you’ll find that you’re more profitable when you have a property partner!
At RentSimple, we help landlords lead the pack with worry-free management services! We implement proven techniques and cutting-edge technology to keep you successful—without all the hassles. At RentSimple, we know that Great Spaces + Great People = Lasting Returns!
One of the top ways we keep your great spaces in great shape is by handling every element of property maintenance for you. This includes keeping an eye on seasonal maintenance as we move into the peak days of summer! To get an idea of what we look for, download your free copy of our Seasonal Maintenance Checklist!