There are many individuals that may have either purposely invested in properties to rent or that may have acquired additional houses through inheritance or other means. While renting units to tenants can be very lucrative, it is often more involved and complicated than was expected.
Proactively Market Your Properties
Individuals are often surprised by the difficulty of finding tenants for their units. While there many areas with strong rental markets, it is still necessary for property owners to actively market these listings. Many communities will have guidebooks that list the available rental units, and getting your properties listed in these sources can be a very cost-effective way of creating demand for your units. Additionally, using local internet listings can be another way of drawing attention to your properties. Regardless of the type of listing that you choose, it is important to make sure that you only use professional quality pictures and that you avoid spelling or other basic mistakes.
Be Mindful Of The Legal Rights Of Your Tenants
There are many legal rights that tenants will have while they are living in your units. These rights will vary depending on the locality, but it will typically involve minimum periods for renting being late before an eviction can occur, notifications before entering the unit and other privacy or property issues. Violating these rights can have devastating legal consequences as many jurisdictions will have strict penalties for property owners that violate these basic rights.
Avoid Attempting Your Own Repairs
When a unit encounters a problem, it is always wise to leave the repairs to experienced professionals. Individuals that attempt to repair their own units will often make mistakes that can lead to the repairs being unreliable. Also, it can be possible for these issues to create potentially unsafe conditions. Lastly, failing to ensure that all of the building codes for rental units are being followed is necessary to avoid the local government taking legal action against you for failing to comply.
Consider Hiring A Property Management Service
The amount of work that will need to go into managing your units can be overwhelming, and failing to meet all of your obligations can have major financial repercussions. One way to enjoy the benefits of renting out spare property without the need to perform all of this work yourself is to hire a property management service. These firms are able to handle the daily responsibilities of overseeing rental units so that all of the applicable legal codes are followed. The fees charged by these services are usually only for units that are occupied, which can help to reduce the overhead of managing multiple properties.