Just over 30% of Folsom's residents are renters, so there's lots of opportunity for you as a DIY landlord.
Being a landlord is a lot of difficult work and the most difficult part of the job is finding great tenants. There are plenty of resources available to homeowners to rent their properties out, but if you're going to maximize your rental income, going with a "for rent by owner" approach is your best bet.
In today's post, we'll tell you how to be a successful "for rent by owner" landlord in Folsom, CA. Keep reading and you'll know what you need to do to secure great tenants and keep them happy for the long haul.
Fix Your Property
People become landlords for a variety of reasons, both intentional and unintentional. Whatever yours are, make sure that your property is fit to rent out before you attempt to find a tenant.
Go through and perform all necessary maintenance. It could be replacing old windows and appliances, fixing the roof, or patching holes in the walls. The more time and resources you invest in the property, the better your ROI will be when you find a tenant.
Marketing Tactics
When the unit is ready, it's time to advertise it to renters. It's wise to perform a rental valuation before you list the property. This will give you a solid indication of how much you should be charging for rent so that you're competitive in the Folsom rental market.
Marketing a property is all about showcasing it with professional photographs and a detailed description of the unit, as well as the local area. Put it on the rental listing platform of your choosing and share it as widely as possible. You can even implement SEO and other marketing tactics to get more applicants.
Tenant Screening
With good marketing, you can cast a wide net to get tenants. Make sure all interested people fill out applications so that you can perform thorough tenant screening. This involves looking into applicants' financial and criminal backgrounds, in addition to calling character references.
Screening will all but guarantee that you get a solid tenant in your rental property. The difference between a good and bad tenant is the difference between success and failure as a private landlord.
Tenant Management
When you get a good tenant in your rental, it's your job to provide the best possible landlord services you can. Make things like rent collection and maintenance requests easy by using a tenant portal.
The more you try to please a good tenant, the more likely it is that they'll stick around for a long time. Long-term tenants are great for rental income, as they prevent you from having costly rental vacancies.
How Property Management Can Help for Rent By Owner Landlords
There's no denying that being a for rent by owner landlord is a lot of difficult work. Even when you find a great tenant, you have to be present at all times to manage the property. If you have a bad tenant, being a landlord is one of the more challenging jobs out there.
That's why many landlords hire property management. At Residential Equity Management, we're a top property manager in Folsom. Contact us today to learn how we can help you run your rental successfully.
