As of 2018, there were 20 million rental properties and 48.2 million individual rental units in the United States. However, not all of these properties are lucrative for landlords.
If you want to make the most of your rental property as a Boise landlord, you need to stay organized and take care of your tenants. The best landlords have habits that help them improve their rental and make their tenants happy.
Ready to learn more? Here are the top 5 habits of successful Boise landlords.
1. Screening Tenants
The top Boise landlords put in the time and effort to screen their tenants properly. Great tenants are worth their weight in gold. It's well worth screening prospective tenants carefully and performing background checks on them.
It's essential to find a tenant who pays their rent on time, doesn't damage your property, and is easy to deal with. Finding the right tenant will help you make more money and protect the value of your investment.
2. Maintaining Tenant Relationships
Not only should you screen tenants well in the first place, but you also need to meet tenant needs and ensure you're creating positive relationships with them. Communicating well and being understanding towards your tenants will help you build stronger relationships.
Stronger tenant relationships will lead to more lease renewals and can minimize your headaches as a landlord.
3. Utilizing Technology
Smart Boise landlords also make use of technology in their real estate businesses and use it to get more done.
For example, getting high-quality photos, videos, and virtual tours for properties when listing can be well worth it. Technology such as online portals, on the other hand, allows tenants to pay rent easily and make maintenance requests.
4. Maintaining Properties
Successful landlords also stay on top of property maintenance. They listen to the needs of their tenants and ensure maintenance and repairs are taken care of quickly.
Great landlords will get maintenance as soon as it's needed and won't procrastinate on meeting the needs of their property or their tenants. Ensure you stay on top of maintenance if you want to impress your tenants and maintain your property.
5. Staying Organized
Successful Boise landlords also have strong organizational skills. They'll carefully document their relationship with tenants and create processes for any repetitive tasks that need to be taken care of. Great landlords understand the importance of good paperwork and make sure that they stay legal when managing properties.
Great landlords also make use of technology as needed to stay organized. Landlords who aren't skilled at staying organized on their own will hire a property manager to help.
Learning the Habits of Successful Landlords
Successful landlords don't need to rely on any secrets to be successful. They simply focus on building strong habits and put effort into tenant screening and tenant relationships. They also maintain their properties and know how to stay organized.
Founded in 1994, 1st Rate Property Management has the skills and experience needed to meet all of your property management needs. We prioritize excellent customer service and will help make your property more profitable.
Need property management services in Boise? Reach out to us today to learn how we can help meet your property management needs.