Tips for Your Rental Process to Run Smoothly if going down the do it yourself route.
Who doesn’t want a convenient, hassle-free way to manage their rental properties? Every landlord and real estate investor would definitely agree. But there’s just one snag – the rental process is hardly convenient and hassle-free, if, you’re doing it yourself. Thankfully, there are ways to avoid pitfalls and to run the rental process smoothly.
Our top tip would be to contract the services of a professional letting agent, that is landlord AND tenant focused, ensuring both parties are treated fairly creating the environment for long standing tenants who pay on time and warm, well maintained homes. We believe within Whangarei, We are RentalsCo are that property Management Agency.
Here are some tips for a hassle-free rental process:
A checklist is a must!
Property management is no easy task. Make sure that everything runs according to your decisions. That is why time management is a vital recipe for the real estate letting business.
First off, make your own checklist to balance out all your to-do lists.
Consider time-blocking the things you need to do on a specific day, in a week, and in a month. This way, you let yourself focus on one thing at a time. Multi-tasking will never help you. Rely on your checklists to help you do things based on their importance, time of action, and amount of response needed.
Decide on how you want your properties to be used.
Are your properties for short-term or long-term use? Is it suitable for a family to reside? Is space best for business or commercial use?
Also, provide all the conditions and limitations to your prospective tenants with regards to what they can use or undertake inside your rental property. This will make things faster for the tenants to see what space suits them better and avoids issues going forward.
Make your rental properties visible online
By providing your properties’ specifications, posting your rental properties in different listing sites will give you a broader scope and range of potential tenants. TradeMe is the single biggest source of lead generation.
BONUS TIP: Pictures speak a thousand words. Advertising of your properties plays a HUGE role in attracting potential tenants out there, and this includes pictures.
If you want your rental properties to stand out, hire a professional photographer to do the job. If you’re going to try it yourself, consider learning through YouTube. The use of words is also vital when putting descriptions to your pictures.
Consider a Credit Check
When a potential tenant gets in touch with you, you are expected to provide a brief explanation of the application process and send them a pre-tenancy application form. In the form, the applicant needs to state their full name and contact details, their current address and even their renting history. The law also allows you to do a credit check which will cover a wider range of information that will indicate the state of finance of the potential tenant.
The credit check should include whether the applicant has been involved in payment defaults. You may also inquire references for bankruptcies and whether there had been court judgements and collection actions against the applicant.
Be serious about acquiring their financial capacity and status, supporting documents, their previous landlords’ contact information, rental history, and undertaking a credit check. Remember that this is stipulated in the law as protection to you as landlord. You want to make sure that these potential tenants are decent people and will take care of your property. Remember, the eviction of tenants is your last resort. You want to avoid that stress!
If you want more information about the pre-tenancy application process, visit https://www.tenancy.govt.nz/starting-a-tenancy/new-to-tenancy/pre-tenancy-applications/
Put everything into writing
Once those potential clients qualify as your tenants, make sure that whatever you decide is in writing. Ensure all your rules, regulations, and limitations are provided in your lease agreement, including the process of moving-in and moving out, lease expiration, renewal and late payments.
You and the tenants need to discuss these things to avoid misunderstanding in the future. This way, they would know how to utilise the space based on what is stated in your lease agreement.
Establishing a healthy relationship with a touch of professionalism to your tenants is one great way to run your rental process smoothly. By simply communicating with them, you can avoid disputes and possible legal setbacks. Make yourself readily available when they want to discuss issues, concerns, damages, maintenance, even disputes.
It’s normal for these things to arise. Make sure that you resolve matters accordingly to avoid worse scenarios.
Master implementing these tips, and surely, your rental property business will become smoother than ever. Trust yourself, and you’ll get there!
If you are considering that this is all too much, then the team at RentalsCo can take over responsibility and day to day management of your biggest investment.
They ensure that all legislation is met and communicate on your behalf to your tenants. Sometimes the biggest cost is trying to do things yourself, as when things go wrong, repairing the broken pieces or finding the insurance has an exemption can be too much too handle.
We at RentalsCo are here to help.