Becoming a successful landlord takes time, money, and patience. But most of all, it takes knowledge and experience to build a successful Maryland rental property business.
Here at Bay Management Group, we have what it takes to make it in the rental property industry – years of experience and a knowledgeable staff, complete with Maryland property managers that excel at providing superior customer service, garnering clients the highest rent rates possible, and making sure that tenants never go without what they need.
But something we also strive to do here at Bay Management Group is educate fellow rental property professionals.
Whether you employ us to manage your rental properties, are considering hiring a property management company to aid you in your efforts to become the most successful landlord possible, or are simply looking for tips and tricks to making it in the rental property business, we have you covered.
As the year comes to an end, and we all take a step back and evaluate our progress, we would like to remind you of some of the most important things you can take with you into 2018.
Keep reading to find out what our most favored tips and tricks from 2017 are for making it in the competitive rental property world, and find inspiration to make this upcoming year even better.
Our Top Property Management Tips in 2017
1. Know When to Raise Rent Rates
We started the year off with a bang by focusing on the things you could do right away to make 2017 your most profitable year yet.
Knowing when to raise rent rates is a tricky thing that sometimes needs a property manager’s insight. However, with some help from the pros, the oftentimes difficult process of raising rent is made much easier.
2. Make Sure Your Pet Policies Are Legal
Something we recommend to all property owners is placing a distinct pet policy in their lease agreements.
After all, whether you want to allow tenants to have pets or not is a personal choice.
However, what is not a personal choice is whether to allow your tenants to have service animals in your rental. Knowing common landlord-tenant laws is key to avoiding legal trouble.
3. Stay On Top of Income Boosting Opportunities for Your Rental Property
Something income property owners never tire of is tips and tricks for boosting their rental income.
After all, that’s why you get into the business, right?
We at Bay Management Group always jump at the chance to share new tips on how to garner more income from your rentals. From lowering vacancy rates to tracking expenses and collecting every late fee that crosses your path, we are here to guide you along your path to success.
4. Set Goals as an Income Property Owner
It would only seem appropriate that we remind you of the importance of setting goals each New Year.
It is not enough to set short and long-term goals just once during your career as a property owner. In fact, consistently re-evaluating your goals is going to bring you more success than you’ll find in setting goals at the beginning, and later forgetting them.
Take the time to re-assess your goals from 2017. See what you have accomplished in one year, and then find ways you can improve. This is the only way you will continue to grow and succeed as a landlord.
5. Keep Your Rental Secure
Rental property security will always be an important topic.
After all, your investment property is what makes you money. If it is damaged in any way, you lose money. Not to mention the nightmare it would be for your tenants to experience something as scary as a break-in.
As a property owner, it is your job to protect yourself, your property, and your tenants. That’s why we love sharing security tips with you, such as securing entryways and installing a security system.
Did we mention the more secure your property is, the more appealing it will be to potential tenants? That’s a great added bonus.
6. Opt for Online Rent Collection
It’s no secret that your tenants want convenience.
And, it just so happens that allowing tenants to pay their rent online is one of the most convenient things you can do for them.
Online rent collection saves you time, is a secure way to collect payments, makes bookkeeping easier (whether it’s on our end or yours), and best of all, prevents any disputes when it comes to whether a payment was made.
Take it from us – your tenants are not the only ones that will appreciate this convenient way of collecting rent.
7. Go the Extra Mile for Your Tenants
Tenant retention is something even the best property owners contend with sometimes.
There are many reasons why tenants move, and they are not all attributed to a poor lease experience.
That said, recognizing when you have a high quality tenant, and appreciating them for being so great, can go a long way when it comes to lease renewal time. That’s because not all tenants need to move out of your rental after one lease term, though they have the option to do just that.
Encourage tenants to stay by forging solid relationships, renovating your property in ways they might not expect, or even giving them a discount on their monthly rate to show them how much you enjoy being their landlord.
8. Avoid Common Landlord Mistakes
If you just got into the rental property business this year, it is likely you learned a lot from your experience.
Let’s take a look at some of the most common mistakes new landlords make and see how you fared in 2017:
- Not screening tenants thoroughly
- Underestimating the cost of maintenance and repairs
- Not being legally compliant
- Failing to put it in writing, whatever “it” may be
- Overcharging tenants for rent
Did you make any of these mistakes?
If you did, it’s okay. Everyone in the rental property industry learns from past mistakes.
And you have another opportunity to make things better just around the corner with the new year.
9. Airtight Lease Agreements Are Essential
Drafting a solid lease agreement is one of the most important things you can do for your rental property business.
And, if you don’t use our expertise when it comes to lease drafting, you may find yourself in some hot water time-wise, financially, or even legally if you make some of these common mistakes.
Understanding how to write up a thorough lease agreement is in your best interest.
10. A Fresh Coat of Paint Can Go a Long Way
Knowing how often to paint your rental property can be difficult to determine.
This is especially true if you have long-term tenants leasing from you.
However, your tenants – whether old or new – want to enjoy living in the rental you are leasing to them. And, it just so happens that one of the best, and most affordable ways of doing this is to regularly paint the interior of your rental.
Know your paint types, find a neutral color, and plan how often you want to invest in a good ol’ paint job. It will make a world of difference.
11. Eco-Friendly Rentals Are In-Demand
We have discovered that more people than ever want eco-friendly rental properties.
In an effort to save money, reduce their carbon footprint, and have newer looking appliances, tenants want everything to be energy efficient in the place they lease.
Luckily for you, we rounded up some great energy efficient updates you can make to your rental property that won’t break the bank.
These updates will not only allow you to do your part for the environment, but they’ll also help boost your rental’s ROI, since eco-friendly places are what tenants are after.
12. Stay On Top of the Latest Investing Advice
Here at Bay Management Group we are not only dedicated to helping you become a successful landlord.
In fact, we want you to become a successful investor as well. That’s why we regularly share information about investing in rental property that you may not already know.
Understanding the process of purchasing a rental property, and the associated fees that come with that process, is important for anyone getting into the rental property business to know.
Don’t get caught going over budget because you didn’t know about the fees that come with buying a rental property.
13. Hire a Property Management Company Like Bay Management Group
Self-managing your rental properties can be difficult.
You may not be cut out for after-hour maintenance calls, educating yourself about landlord-tenant laws, or evicting tenants when they fail to pay the rent on time.
But we are.
That’s why investing in a high quality Maryland property management company is something you should consider in 2018, if you haven’t already.
We at Bay Management Group are convinced that anyone who wants to become income property owner has the potential to become a highly successful one – with the right knowledge and resources.
If you are looking to take your rental property business to the next level in 2018, contact Bay Management Group today and see how our Maryland rental property managers can help aid you in those efforts. With our combined knowledge and experience, you are sure to make the most of your rental portfolio and have the most profitable year to date.