Planning to rent out that extra space in your 2000 sq. ft house? Want to make the best use of your extended and converted cabin sheds by renting it out? Listen to this advice if you are a new landlord.
Tune in Accordingly
When someone responds to your listing and you don’t know where to start, ask yourself this question, “Who am I dealing with?”. In handling potential renters, you need to scrutinize, listen and watch to understand their nature. Always know that there are many kinds of people, someone who will respect your privacy, keep your place clean and make the whole experience of renting a breeze. Then there are people who will complain every single minute of it. maybe you are naturally outgoing and sensitive to any emotional level that renters are exhibiting. Or maybe you are strict with rules and terms that you want to impose on these renters at all time. Tone this attitude down when you are dealing with long time renters whose credentials are checked out. You don’t have to put much effort into convincing clients when they have exhibited good behavior previously. For others, watch how you approach and decide whether or not you, as a new landlord in rental business, want to go ahead with the renting process.
Rules are Rules
One of first-time landlord’s experiences illustrates an important finding. Charles, who is new to real estate business, posted a listing on the website when one of the prospect renters gave certain requirements and said he was interested in the place but would be available only if he was allowed to accommodate a pet. And Charles hates pets. He knew there were only a couple of properties at that price range around the area. Certain the renter would back down, Charles was adamant about his house rules – posted clearly and described in detail. The renter emailed every day, trying to persuade Charles to change his mind. No luck, and time ran out for the renter. Sometimes, it so happens that renters come up with unrealistic expectations. The advice is to not budge to them. The top business people in the rental industry don’t work too much on one particular renter for a long time; they work smarter and make the best use of their time. Additionally, they don’t spend energy on people complaining and discouraging property rules.
It happens a lot. The person reports for work in a new place and in his or her spare time looks for accommodation to stay for a couple of days or weeks. People with heavy travel schedule are used to being away from hometown and renting one of these places through websites like AirBnb. This is an opportunity for landlords who are new in the real estate market to focus their attention on such travelers. Once the potential tenant is screened and deposit made, it is easy to let these travelers stay in your place for longer days rather than change renters every other day.