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5 Landlord Tips

5 Landlord Tips

Want to start 2020 the right way? January may have passed, but there is still a lot of time to make things right. Here are 5 tips a landlord should know to make their journey in the property industry much smoother and more successful.

1. Choosing the right tenant

While this is not a tip that every landlord wants to hear, make sure you pay attention closely. It is important for landlords to be patient and wait for the perfect tenant instead of settling for a bad tenant out of impatience.

We understand that every landlord wants to avoid a vacant property at all costs. However, getting a bad tenant will eventually cause more loss to the landlord. After all, you are going to be communicating with your tenant for quite a long period of time. Look for tenants that are clean, respectful and responsible.

Having a good tenant will not only maintain the value of your investment, it will also help keep your mind at ease!

2. Don’t ditch the landlord insurance

Most landlords fail to understand the importance of a landlord insurance. While it might seem like an unnecessary expense, by only paying a minimal amount of $300 per year the landlord can rest assured that their property is insured.

A landlord insurance will help protect you from rental loss due to property damage, rent default and theft, malicious damage such as vandalism, legal costs and public liability.

3. Get your property pictures taken by a pro!

Want to get your properties leased out as quickly as possible? Consider hiring a professional photographer to take pictures for your property. By having professional photographs taken, it will increase the number of prospective tenants attending the inspection and will increase the chances of leasing it out.

Look at the picture below for a comparison of a good quality picture taken by a professional and a bad quality picture. See how much more appealing the property looks when the picture is taken professionally?

4. Maintain, maintain, and maintain

Make sure to keep your investment at its highest value by constantly maintaining your property!

You can do this by repainting the property once every few years, changing the carpet and also blinds when needed. This will not only keep your tenants happy but will also increase the value of the property and rental yield.

5. Choose the right agency

While this is also the last tip we’ll be sharing for today, it is also the most important. Choosing the right rental agency is essential to make your rental journey successful.

Try to opt for an agency that offers competitive rate and high-quality services as opposed to ones that give you low rates and poor quality.

At Xynergy Realty, we are your one stop property solution. We strive to always provide the best service at a competitive rate.

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Jeffrey Koby

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