Are you an accidental landlord? Someone who stumbled into the property investment industry? Maybe you inherited a house, and don’t want to sell it just yet. Or you’ve decided to rent out your holiday home when you’re not using it. An accidental landlord is someone who uses a property as an investment to grow their wealth. Fortunately, property investors have some advice for you.
Get To Know The Market
Although many accidental landlords have an investment property not far from where they live, if yours is somewhere you’re not familiar with, you should study the market. For example, you might be familiar with your holiday home, but you most likely won’t have detailed knowledge of the property market where it’s situated. You need to know what the average price is for rent, what kind of people your tenants will be, and what kind of upgrades and amenities they’ll be expecting.
Prepare Your Property For The Rental Market
Once you understand the property market for that area, you can begin preparing the home to rent it out. Before you start placing ads, the property must be made ready. If it’s in an area where young families like to live, put a fence around the pool. If you would most likely rent it out to young professionals, make sure that there is ample workspace and the infrastructure available for high-speed internet. The property should be fixed up, repainted, cleaned, and emptied of personal belongings or old furniture. A good idea would be to have the property cleaned by a team of professionals. They will deep clean the carpets and ensure that it smells fresh and airy, without a hint of mould or dust.
Market The Property
Although advertising in the newspaper is familiar to you, online marketing will attract many more potential clients. Use popular rental advertising sites and make a listing. Make sure that there are clear photographs of the property and each room, as well as everything the rental provides. List the number of bedrooms and bathrooms, if there is covered parking, and how many vehicles it can accommodate. Lastly, make sure that you add the rental prices, terms, and your contact information clearly so that you only get potential tenants who are serious about an application.
Being a landlord can be a lot of challenging work, so you’ll need all the property investment advice that you can get if you’re an accidental landlord. Fortunately, it can be very lucrative if you follow these tips and screen applicants correctly.