Managing property in Idaho has its advantages. For starters, the demand for decent and affordable housing is huge meaning you will never lack tenants. Your challenge, however, is that you'll need to find well-paying tenants who can also take great care of your property. This is the main reason most Idaho rental property owners choose to get expert management services, whereas the “DIY ones” spare time to refurbish the property and screen prospective tenants thoroughly.
However, what most landlords don't know is that it's easy to improve occupancy rates, eliminate property related stress and make sure there is a continuous inflow of revenue by being a better landlord. Here are some proven ways we’ve found that can help anyone become a profitable and exceptional Boise landlord.
Price the Property Accordingly
While every landlord desires to make substantial returns on their rental investment, asset overpricing isn't recommended. You can easily harm your reputation or make quality tenants shun your property when you overcharge a low-income unit in Idaho. Consider conducting some research to know the standard rental rates in your area, and then set your prices accordingly.
Sounds like a no brainer, but no matter how tight your lifestyle is, or how professional you want your relationship to be with your tenants, it's better to be kind, welcoming, approachable and responsive. For example, consider interacting with the residents and even indulge them in hearty discussions about their hobbies, jobs, current affairs, and family. When you do this, your clients will feel cherished and in turn will be good tenants.
Carefully Screen the Tenants
Even though you may be a considerate and caring landlord, a wrong tenant will not make it easy for you to manage your property. As such, you should take your time to screen, vet and qualify all your prospective tenants so that you can remove those who have complicated pasts and end up with suitable candidates. The screening may include checking credit reports, conducting extensive criminal background checks including contacting personal and professional references. For better results, consider getting help from a reputable property management company in Idaho.
Draft a Detailed and Candid Rental Agreement Document
Unclear rules cause most disagreements between tenants and landlords. A renter can unintentionally do something the landlord doesn't support like bringing a pet, renovating the house, subletting the asset, playing music loudly at night or calling a repair contractor. For this reason, always list every rule you have to eliminate room for misconception. Don't hold anything back. Unlike what most property owners and managers think, many rules won't scare great tenants off. Majority of renters appreciate staying at houses with well-outlined rules.
Following these few tips will help you enhance your relationship with the tenants, improve your reputation, boost your occupancy rates and avoid forming poor relationships. For more information, do not hesitate to contact us if you are searching for an expert property management company to help you with your properties in Boise, including the surrounding areas.