Tips on Becoming a Landlord
Updated: Aug 30
Here are some quick important tips to consider if you are thinking about purchasing an investment property or renting out your home.
💡 Tip #1 - Thoroughly Screen Tenants:
"Don't judge a book by it's cover" can be applied to tenants as well. Kind and friendly don't always pay the rent. By running a thorough application process it will help you weed out the "buddies" and keep a long term stable tenant. Don't be scared to ask questions, call work and landlord references or pull credit . There are so many easy online screening systems that are inexpensive to use. Paper applications are going the way of the dinosaurs. AspirePeak Properties currently uses Naborly to screen all our tenant prospects. Other platforms available are Single Key, Equifax, Certn, Front Lobby etc.
💡 Tip #2 - Post GOOD Photos:
This may seem self explanatory but sometimes it is not. When we talk about good photos we want to see the following:
All lights ON (replace burnt out bulbs)
Toilet Seat Down
Shower curtain pulled across the tub
All cords and remotes hidden
Beds Made and extra toys hidden
Tidy Balcony or Yard
AspirePeak Properties has more of an in depth Photo Ready Checklist for all our owners that is used by our Professional Photography Team to take a min of 30 photos per unit, render floorplans with measurements and a 3D Virtual Tour.
💡 Tip #3 - Consider a Property Manager:
It never hurts to find out what all is involved when you hire a property manager. Making an informed decision is always a smart choice. All property management individuals must be licensed with RECA to manage another owner's property. This provides a higher level of accountability and governance for your investment. Most property management brokerages charge a monthly fee of between 10% - 15% of the monthly rent collected. If the rent is $1,300.00, that is about $130.00 for someone else to handle it all.
Totally. Worth. It.
AspirePeak Properties management fee is 10% on gross monthly rent. Contact us today to get your property rented!