Investing in real estate is a great way to ensure that you have a strong source of passive income. Unfortunately, getting started can be full of expensive pitfalls.
As you begin your investing journey, a good way to kick-start your income-earning potential is by leasing a property or two. Making money on these properties can be easier if you follow a few basic tips:
Invest in Electronic Locks
This might seem like an odd tip, but it’s actually one that can save you money over time. As your tenants come and go, the cost of replacing locks can get fairly high. If you’re looking to save as much money as possible, invest in electronic locks that you can reset as soon as your tenants move out. Not only will this save you from calls from locked-out tenants, but it will allow you to skip out on hundreds of dollars of fees every time a tenant moves out.
Get a Property Manager
The last thing you need is for your property to cause you to lose money from your day job. If you want to ensure that problems are taken care of quickly and professionally, you’ll need to hire a property management company. Doing so may cause you to spend a bit more every month, but having someone on hand to deal with problems you don’t want to do on your own is invaluable.
Hire a Cleaning Service
The best way to ensure that you actually make money from rental properties is to keep a steady flow of new tenants coming in. To do so, you’ll need to ensure that your properties always look great when potential tenants come by to see them. Hire professional cleaners to come by and clean out your properties after every tenant leaves. This will help you to encourage new renters to come in quickly.
Set Up Online Rent Payment
The bane of every landlord is collecting rent. The best way to avoid excuses—and late fees—is to provide an online rent payment option. Simply roll the cost of using this portal into your tenants’ rent and you’ll never have to worry about checks getting lost or sent late ever again. The more regularly your rent checks come in, the more money you’ll end up making.
The goal as a landlord is to make as much money as possible without spending unnecessarily. Provide great options, make sure your properties look great and do what you can to make life easy on your tenants. If you can combine that with the right rent pricing, you’re sure to make easy money on the market.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She finds happiness in researching new topics that help expand her horizons. Looking for an experienced property management company in the San Diego area? Belnap recommends Sunset Property Management and Realty.