1. Conduct Thorough Market Research: Before you even start looking for rental properties, research the area you want to buy in by studying rental comps, crime reports, and local economic conditions.
2. Price Your Properties Appropriately: Carefully consider the optimal rental price for the area, and price with a combination of the market’s averages and your expectations for profitability.
3. Market Widely: Spread the word about your rental properties online, through print advertising, and on social media.
4. Be Open and Flexible with Tenants: Be available to meet with potential tenants and be open to negotiations on rental terms.
5. Screen Prospective Tenants Carefully: Collect and review applications from prospective tenants before signing a lease.
6. Offer Necessary Amenities and Maintenace: Make sure your properties are maintained with fresh paint and other repairs, as well as providing desirable amenities such as updated appliances, modern lighting and spacious closets.
7. Carefully Monitor Rents and Expenses: Stay informed on rents, any taxes associated with your properties, your maintenance and repair bills, and expenses associated with managing tenants.
8. Maximize Online Presence: Utilize sites like RequestViewing.com to list your properties.
