Having the money to buy an additional property and rent it out is a luxury that not a lot of people can afford. If however, you are one of the lucky ones, and you have a property that you can rent out to make some extra money, then this article is just for you. Because having the stress of renting out a property can be a lot to add to your plate, you may be wondering if there are ways to make your load a little lighter. Luckily, this article will list a few different ways to make owning a rental property a bit more hassle-free.
Only do long-term leases
If you rent out your property and let people rent month-to-month or if you do short term leases that are only a few months long, then you are going to have to deal with the hassle more frequently. For instance, you will need to find new tenants, fix any damage in the property, and get everything cleaned. If you have tenants that only sign long term leases (at least a year), then you won't have to deal with these things as often. Pus, when you find long term tenants, they tend to be more serious about renting and paying every month.
Hire a property management company
Another thing that you should consider doing is hiring a realty property management service to help you out. Property management services are excellent for a variety of reasons; they can help you find tenants, they can deal with evictions, they can hire contractors to repair your place, and they can also collect your rent. All of these things may sound like they aren't a lot to do, but when you have to do it often, then it can feel like a full-time job. If you own several properties then hiring a property management company will be especially beneficial so that you don't have to deal with that much more work.
If your property is run down and in need of repair, you're going to have to make more house calls. Before you rent out your place, try to fix everything up as well as possible so that you won't have to worry about fixing things too often.
Owning your own property can be a great investment. If however, you are spending a lot of time managing it, then it can feel like you're not getting that great of an investment after all. Luckily, if you stick to these basic rules, you can help to make your job a lot easier and get a better investment out of it.