Any time that you are looking for success when renting out properties, you'll be in great hands when you set up the ideal strategies. There are a lot of strategies available that will help you to always find tenants, and most importantly, keep them. Follow these tips below so that you get the assistance that you need to maximize your rental property investment:
Make the property as clean, comfortable, and attractive as possible
Many landlords are rent first, service second. This might ensure that you get paid, but it's a strategy that will be short lived and fruitless. Your main focus needs to be in providing value to your tenants. One such way to do this is by continuously beautifying and improving the property. Upgrade wallpaper, paint, flooring, and appliances, so that people feel that all their needs are addressed when they live in your building. You'll need to also do your best to care for the grounds since this is the first impression that people get any time that they travel to your property for a visit. Rather than simply cutting the grass, take the time to plant flowers and shrubs and get the absolute most out of your landscape. For instance, investing in drip irrigation will keep your grass nourished year round. A drip irrigation system installation starts at $300 per every 500 square feet.
Invite people to your property with an open house
You'll get great results in bringing in new tenants when you decide to host an open house. During the open house, make sure that you schedule tours, hand out applications and address any questions and concerns that people might have. Consider offering water, food, snacks or wine, so that people feel comfortable and envision making themselves at home on your property. People who put time and effort into their open house will generally stay ahead of the game in terms of keeping the property occupied.
Do business with a quality property management company
Once you're able to get the property up to par, take the time to also hire a credible property management company. These pros will help you handle day to day tenant needs, file paperwork in court, take applications, conduct maintenance requests, collect rent, show the property and so much more. Basically, these property managers allow you to be hands-off, while still benefiting from your investment. Most property managers will charge a small portion of each rent payment -- generally between 4 percent and 10 percent.
Handle these tips so that you are in good hands when renting out a property. Check out a website like http://www.APMdenver.com for more information and assistance.