- Finding the right property manager
- Landlord Insurance
In this half of the article, we get you out the door and into the landlord game.
4 – Decide on the rent
You need to work with your property manager to decide on the best rent. Yes you want to make a profit, but is it wise to charge more than a comparable property? You might find that if you invested just a little bit more to spruce up your place, that you could enjoy much better returns. Your property manager will be able to advise you on this.
However, do your own research. Here is a list of online research materials that should help you. When you do your own research, you will feel more confident about what your property manager is saying.
It is critical that you remain objective and realistic about what your property can rent for. It is more difficult to remain objective, if the property you are renting out used to be a family home.
5 — How is your property going to be marketed?
The first fear of being a new landlord is getting a nightmare tenant, the second is your property remaining vacant for long periods of time. The best way to stop the latter is to price it right and market it in the best way possible.
Your property manager will have a system on how they go about doing this – where they advertise, what photos they like to show, what shape the property is in before showing it to prospective tenants. Make sure you are in agreement with the marketing, you don’t want to start off on the wrong foot with your property manager.
6 — Sign the papers!
Once you have covered off all the steps you will feel confident that you have made the right choice and that your property will be looked after and will be bringing in the maximum that it can.
Enjoy the journey!
What’s your view, did I miss a step?