When it comes to houses, prices are constantly on the rise. That's why investing in real estate is one of the surest ways to earn more returns. So if you intend on owning a couple of rentals, then by all means dive in. However, the process isn't as simple. You'll first have to go through a series of legalities before being allowed to take in tenants. But what next? How do you keep your head together once you start streaming in renters? Here are a few tips to help you in having a flawless landlord experience.
Consider your flooring options
Flooring repairs are one of the costliest you'll have to deal with. Tenants don't really put a lot of effort in caring for the floors, and that will lead to faster depreciation. What you'll need is a flooring option that is scratch resistant and extremely durable. You may also want one that you won't have to rip off when replacing your flooring. Also go for a flooring option that is inexpensive. A good example is vinyl flooring.
Use a third-party janitorial and repair service
Rentals need to be kept clean for your real estate investment to be any good. It's one of the first things that shapes the decision of your customers. You need to have the houses cleaned up to uphold the standards required. Even with only a few rentals, you won't do as good of a job as a janitorial service would. You'll also need to have a handyman to take care of the oncoming repairs. Tenants shouldn't wait for so long before a plumber fixes their broken sinks.
Having a long term relationship with such service providers will also reduce the costs in the long run. It'll be much cheaper than hiring a repair or cleaning service every time you need their help.
Be on close call
Most tenants love it when they can make a call and speak to the landlord or someone with direct access to him/her. It provides them with a sense of security, which is particularly helpful in the real estate industry.
One way of being involved is having meetings with your contractors or property managers. Spending as few as ten minutes at the end of every day or two gives you a pretty good idea of what's happening in your rentals. You could also have a relationship with your tenants without being too intrusive. Assure them that you're intending on making some upgrades and respond to their concerns immediately.