Rental properties can be a great source of income, but you need to approach things correctly to maximize your profits.
When renting out a property, there are various things you can do that will affect your overall income. Inexperienced landlords often make various mistakes and lose money because of it. Strong rental income strategies can be vital if you have a for rent by owner property in Bend, OR.
In this landlord guide, we'll cover some key property rental tips that will help you get the most out of your real estate. Let's get started.
Prioritise Regular Maintenance
Regular maintenance is essential if you want your property to hold its value. You should establish a regular maintenance schedule along with routine inspections. This will help you stay on top of things while avoiding the need for major repairs.
If anything does come up, you should take care of it as soon as possible. A small problem can grow into a much larger one if left unattended. Taking care of problems quickly is the most cost-effective approach to maintenance and repairs.
Make Cost-Effective Upgrades
You can make your property stand out by adding certain upgrades. These will make the property more desirable, allowing you to charge a higher rental price and increase your income.
Some common examples of these include:
- Kitchen renovations
- Energy-efficient appliances
- Smart technology
- Outdoor living areas
If other properties don't have these kinds of features, it will make yours far more desirable to renters.
Consider the costs of upgrades when getting them alongside how much they might add to the rental value. Finding cost-effective upgrades will help you get the best ROI.
Market Your Property Well
Marketing your property properly will get more eyes on it. The more interested renters you have, the easier it will be to rent it out for the price you want.
Use quality photographs and optimize your listings to make them more appealing. It can be beneficial to get help from a property management company with this. They know what renters are looking for, so they can ensure your listings are as effective as possible.
Using social media can also be a good approach. It's a cost-effective way to increase your visibility and reach more renters.
Screen Tenants
You should always screen tenants thoroughly before accepting them. This will give you insights into things like:
- Rental history
- Criminal history
- Credit history
It will also show you if renters have lied at all on their applications.
Finding quality tenants will make your life as a landlord much easier. It's worth taking the time to narrow down your applicant pool to find tenants who you know are unlikely to cause issues.
Managing for Rent by Owner Properties
Self-managed rentals can be tricky, so you need to make sure you take the right approach. A single for rent by owner property can be hard work, and things become even more challenging if you own multiple. It may be best to work with a professional property management company.
PMI Central Oregon helps property owners in Bend, OR, get the most out of their investments. PMI has over 20 years of experience and uses state-of-the-art technology to help our clients achieve their investment goals. Take a look at our property management page to find out more.
