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Must have tools for landlords: guide to generating income from your property

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Being a landlord can be a highly rewarding and enjoyable job because you get to provide people with a home and forge important connections with people. While it is enjoyable and potentially lucrative work, there are also a few challenges that a landlord faces, which can make the work challenging and stressful. These issues are amplified when you own multiple apartments, and sometimes it can feel like juggling when there are so many problems and issues that need to be managed. One of the best ways to keep everything running smoothly at all times is to use a variety of services for your apartments. Here are a few key services to consider:

Tenant Screening

Every landlord needs to screen prospective tenants to make sure that the individual will be a suitable fit and able to afford the rental price. This can be a challenging and laborious task to do yourself, so finding a tenant screening service is important and will help you to identify who would make a good tenant and who will not.

Marketing

You will need to advertise your properties when they are vacant and find suitable tenants as soon as possible. You can use the services of a marketing company to advertise the property, make it visible to your target tenant, and make the property as attractive as possible. This is vital for getting people to come and take a look at your apartments, and it is then a case of winning them over with a detailed tour of the property and a fair rental price.

Social Media

Following on from this, it is also a good idea to use a social media management service for your properties. In today’s internet-driven age, social media is an incredibly important and powerful tool but also one which can be time-consuming and difficult to use positively. A social media management service ensures that you are using social media in the correct manner and engaging with your target customer.

Removals

It is not essential, but many landlords like to help their tenant to get settled by arranging the removals for them. This means that you need to have a reliable company that you can use when the time comes for a tenant to move in or out of the property and a company that will make this process easier and less stressful for all.

Cleaning

Properties should be kept clean in order for them to be livable and attractive to your tenants. Many landlords find it helpful to use a cleaning service where somebody comes in to perform a clean once a week. This can help the apartments to stay looking fresh and to stop any small problems from becoming anything major.

Landscaping

If any of your properties feature a garden or outdoor area, then landscaping services are a smart move. This will help the property to look its best and provide a nice space for your tenants, plus the increase in curb appeal will make it more desirable when it is on the market.

Repairs & Property Maintenance

It is essential that any problems with the properties are fixed as soon as possible, so it is helpful to have a good and reliable repairs and property maintenance company. You can find these by searching for companies in your local area, such as Bay Area building maintenance from a company like Service by Medallion. This should help to fix problems quickly and even stop them from occurring in the first place, which will keep your tenants happy and safe when they are at home.

Utilities

The landlord must also make sure that the systems are in place so that utilities can be arranged. Sometimes a landlord will include the price of utilities in the rental price, but this is up to you. Either way, you need to make sure that your tenants can get gas, electricity, water internet, heat, etc.

Security Systems

Many landlords also find it useful to provide security systems for their apartments. You will want to keep the property secure, and your tenants need to feel safe when they are at home, and security systems are a great way of doing this. Security technology has improved drastically in recent times, and there are now many ways to improve the safety of your apartments. This might include CCTV cameras, intruder alarms, and video doorbells.

Accounting

It can be complicated managing finances when you own multiple properties. Using an accountant is a smart move because it ensures that you keep accurate books that can help you to make important business decisions and file your taxes correctly. Not only this, but using an accountant means that you do not have to worry about keeping the books, and instead, you can focus on being a landlord.

Legal Team

As a landlord, it is also an intelligent idea to have a legal team or an attorney in case you encounter any legal difficulties as these can, unfortunately, occur fairly frequently due to the nature of the industry. They will be able to ensure that you are always abiding by the law but can also help with issues such as late payments, evictions, etc.

Property Management Company

For some landlords, using a property management company is a smart move because it can greatly reduce stress and ensure that dealing with tenants and property maintenance is all handled for you. While there are many benefits to this, you must also be careful when selecting a property management company and you need to take the time to find one which will help you to succeed as a landlord. Look to see what reviews other landlords have posted to see if they are up to the task.

Being a landlord is a great way to make a living, but it can also be stressful, challenging, and time-consuming work. The above are a few of the main services that a landlord can use to improve the business side of the operation, reduce stress, and provide excellent living spaces for their tenants. When you are able to provide this and develop a positive reputation, it will only help you to become more successful.

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About the author

Malika Bowling

Malika is the author of several books including Culinary Atlanta: Guide to the Best Restaurants, Markets, Breweries and More! and the founder of Roamilicious. She is also a Digital Marketing and Social Media Consultant. Follow us @Roamilicious on Facebook, Twitter, Instagram, and Pinterest for the content not shared on the blog. And don't forget to subscribe to our newsletter (subscribe box below) and never miss a contest, giveaway or the latest must visit restaurant!

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