Rentals: 5 Tips that Landlords Shouldn't Ignore
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Being a landlord can be just as challenging as managing any other business.
Follow our 5 tips to turn a good profit and to live your rental experience calmly and without issues!
#1 Make your house the most neutral possible
Tenants need to imagine their life in your house, so a good choice is to remove every decoration that is too personal (and precious for you). It’s likely that guests won’t have the same sentimentality towards your personal effects, so… protect your belongings!
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#2 Furniture matters
Furniture is often an element that deeply affects the tenants’ choice about a house to rent. So, don’t fall in the trap of cheap furnishings! If you’re going to add any furniture, don’t think that buying cheap is a good idea: it’s a fake saving! Buy only strong, solid and robust pieces; a few, but functional ones. Ask yourself one important question: would you live in the house as it looks now? Step in tenants’ shoes.
#3 The longer the contract’s term… the emptier the house!
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If your idea is to rent with a long-term contract, it’s better to leave the property unfurnished: tenants might have their own personal stuff. This means you won’t waste money and time in a decor that is not in line with the tenants’ tastes. Conversely, if your idea is to run short-term (like weekly) contracts only, you’d better add some traditional Italian touches (e.g. some nice pics of the lake on the walls, or - why not - a miniature of a Lucia boat), as travelers are fascinated by Italian style! If you are renting weekly, let your clients feel at home since the very beginning: Throwing a welcome pack in for each visitor will make them feel at home. Also, make sure there are loads of brochures and maps left in the property detailing everything there is to do and to see in the vicinity.
#4 Carry out regular inspections (with permission!)
It’s a good idea to regularly check the state of your property. But you are legally forbidden from entering without the tenant’s permission. It’s best practice to give your tenants 24 to 48 hours’ written notice – and this should be always stipulated in your tenancy agreement.
#5 Keep an open line of communication with your tenants
It’s a matter of fact: tenants are more likely to maintain the property in good condition and to pay their rent on time if they know that their landlord is easy to talk to, and will promptly address issues — including repairs — promptly upon receiving notice of a problem. Also, when a tenant knows you aren’t just a money-maker and that you actually care about them having a comfortable stay in your property, they, in turn, will be more grateful of your efforts.
Do you own a property you are thinking about putting on the rental market?