Tips For New Landlords
New to managing a rental property? If so, then our team at Bancroft & Associates is here to help! As one of Tucson’s oldest property management companies, we have some practical landlord tips and tricks to share with you.
Use Online Listing Services
These days, the majority of prospective renters are looking online for a place to live. In fact, more than 90% of people looking for a place to rent are beginning their search online. If you’re not already taking advantage of online listing services, you could be missing out on a huge market of potential renters.
When creating online listings for your home rentals, be sure to include important information that renters are looking for, such as:
- rent price
- number of bedrooms/bathrooms
Learn Your Fair-Market Rent Rate
Overpricing a rental is a very common mistake new landlords make. Of course, underpricing can be just as problematic. By pricing your rental homes fairly, you’ll attract the right tenants and reduce vacancy time in between tenants.
How can you figure out how to price your rental? Determine your “fair market rent price” using a free online tool, such as Rentometer’s rent calculator. This tool takes key factors into consideration—including your property type/size, location, and condition to determine a fair market rental price.
Set Up a Screening Process
Having a thorough screening process for all prospective tenants is a must when you’re a landlord. Screening your tenants will help you select responsible, reliable renters who are more likely to pay rent on time. As part of your screening process, you’ll want to require potential tenants to fill out a formal application. From there, you may also want to require a criminal background check and credit screening.
Write a Comprehensive Rental Agreement
Even once you’ve found your ideal tenants, you’ll want to have a legally binding document in place known as a rental agreement. This document should outline the details of you and your tenant’s rental agreement, including:
- rental rate and due date
- pet restrictions/deposits
- security deposits
- parking rules
- maintenance expectations
Not sure where to begin when writing your rental agreement? Start with a free template online to get a better idea of what to include.
Consider Requiring Renters Insurance
In the state of Arizona, it is perfectly legal for landlords to require that tenants carry renters insurance. Use this to your advantage! When your tenants have their own renter’s insurance policies in place, you’re less likely to face a frivolous lawsuit. As a result, you can enjoy some added peace of mind—and so can your tenants.
Hire a Property Manager From Bancroft
If this is still feeling a little overwhelming, look into hiring a dedicated property manager. At Bancroft and Associates, we have more than 44 years of real estate and property management experience. Let us put our skills to work for you and take the burdens of being a landlord off your shoulders. Bancroft rents homes and other types of residential properties all across Tucson and the surrounding areas. Contact our Bancroft Tucson team today to learn more about how we can help you make the most of your Bancroft rentals.