Being a Boise landlord has its perks. For starters, there is a huge demand for decent, affordable housing, which means that you will rarely lack tenants. The challenge, however, is that you need high-quality and well-paying tenants, who will also take care of the property. A majority of rental property owners in Idaho, therefore, opt for professional property management services, while the DIY types, take their time to revamp the property and thoroughly screen prospective tenants.
Unknown to most landlords, however, is that it is possible to improve their occupancy rates, ensure continuous revenue inflow and eliminate rental property related stress by just being a better landlord. The following are proven ways for you to improve your skills and become a distinguished Boise landlord.
Even though you might have a busy lifestyle or you would wish to keep the relationship between you and your tenant strictly professional, it is to your advantage if you are warm and personable to the renters. For instance, whenever you interact with your residents, you could indulge them in a hearty conversation about their family, jobs, hobbies or even current affairs. By doing so, you make your clients feel appreciated and they, in turn, will go out of their way to remain good tenants.
Price your Property Accordingly
Although the desire of every landlord is to make significant returns on the rental investment, overpricing your assets is likely to backfire on you. For instance, overcharging a low-income housing unit in Idaho can harm your reputation and even cause quality tenants to shun your property. It is, therefore, prudent to research and determine what the prevailing rental rates in the area are, and price yours accordingly.
Screen and Qualify your Tenants
No matter how benign or well-meaning you are, having the wrong tenant can push you over the edge. As such, it is crucial that you take the time to vet and screen all prospective tenants, to weed out those with sketchy pasts, and ensure that you only end up with the right candidate. Such screening should include extensive criminal background checks, scrutinizing credit reports, as well as contacting the professional and personal references. In such a situation, enlisting the services of an experienced property management company can prove extremely useful.
Be Candid and Detailed in the Rental Agreement
In most cases, disagreements between landlords and their tenants stem from unclear rules. For instance, a renter might unintentionally do something that the landlord might not support. For example, play loud music at night, bring a pet, call a repair contractor, renovate the house or even sublet the asset. For this reason, list each and every rule you have concerning your property to eliminate any room for misinterpretation. Do not hold anything back, just pen it all down. Contrary to what most Boise landlords think, too many rules will not scare off good tenants. In fact, a majority of renters will appreciate a house that has well spelled out rules.
Vet your Hires Carefully
It is not unusual for good tenant-landlord relationships to get ruined by the people you contract to work on the property. These could include the property manager, the cleaning and maintenance personnel or the repairs contractor. When these service providers come to the property, they act as the link between you and the renters. Whatever they do or say, reflects on you. Therefore, ensure that you enlist the services of competent, experienced, qualified, diligent, reliable, well-reputed and trustworthy contractors.
Be Responsive to your Renter’s Concerns
A brilliant way to impress your tenants is to address their matters as swiftly as you possibly can. Whether they are complaining about a leaking faucet or an inefficient HVAC system, do not take your sweet time to attend to it. Ignoring their concerns makes them feel like you are taking them for granted. Likewise, since property damages and emergencies can occur at any time, you should have in place a well-documented repair procedure, which includes contacts of your preferred repair contractor.
Leverage on Professional Property Company Expertise Advice
Irrespective of how experienced you are or how successful your Idaho rental investments are, it does no harm to seek advice from professional property managers experienced in the Boise rental industry. Thanks to their many years of servicing the area, these companies have a vast wealth of knowledge of landlord-tenant relations, legal matters, tenant screening, rent collections as well as tenant evictions.
Join Landlord Associations
As the maxim goes, “there is safety in numbers.” Look for any credible landlord association grouping in Idaho and join it. From these unions, you can learn more skills on how to improve your relationships with your tenants, how to make your investment more profitable as well as acquire first-hand information on what the prevailing Idaho rental market trends are
Following these tips can help improve your relationship with your tenants, prevent poor relationships from ever forming, and improve your occupancy rates. If you’re looking for a professional property management company to assist you with your rental property in Boise or the surrounding areas we would love to speak with you!