As the market shifts, fewer people are buying homes and instead are choosing to rent their accommodations. Savvy business owners may want to get into the rental business, whether as a landlord of an individual home or of an apartment complex. If you think you are a good judge of character and solid communicator, you may consider becoming an owner-manager. Regardless of which direction you choose, keep some factors in mind.
In order to attract better tenants, you may want to invest in certain amenities. You may want to buy laundromat equipment to be able to advertise as having the facilities on site, or you may want to buy exercise equipment and install a small gym. Choose which amenities will be desirable for your tenants and tailor to that.
Having high-quality insurance coverage may protect you from complicated losses, such as fire, theft, or even loss of rental potential should a tenant leave your unit in poor shape. Shop around to find an insurance company who will work with your best interests and is suitable for your needs and style of rental housing.
As with your own home, rental properties will have their fair share of broken hot water heaters, leaking sinks, and swollen doors. Contracting with a trusted maintenance company who is capable of responding quickly and cost-effectively to all your tenant’s needs might save you many headaches to take care of the problems that you can’t fix yourself.
Becoming a landlord can be an exciting prospect, and with the right planning in the right market could be a great endeavor. It makes sense to build a team of experts around you as you make the foray into the business. Decide if this is the right choice for you!