Things they would like to change include being able to paint, modify gardens, and put up their own pictures.

Landlords prepared to accommodate such requests are more likely to attract a good long term tenant who could potentially pay more rent, but possibly increase the value of the property at their own cost.

The other big want renters clearly indicated would influence which rental they chose was the ability to have a pet. Over 70% of renters indicated this was a strong factor for them in deciding on a rental.

For the full information on the Renters Survey find the article here

After that, you will need to consider what kind of property you want to buy, since there are so many options available. You can invest in single family homes, duplexes, apartment complexes, commercial real estate, and other types of properties, depending upon your appetite for risk, and how aggressively you want to invest. For these decisions, it is often helpful to engage a real estate agent who can guide you toward many of the best opportunities, and advise you as to the market value of the area. In order to make a profit from a rental property, you need your property’s market value to be at or below that of the surrounding properties.

Many investors do not make a huge profit with their first investment – but having a goal of recouping the mortgage costs and management fees will still enable you to build equity in the property. That equity will prove valuable as you need to secure more capital for additional investments later. But for now, you need to run all of the numbers to determine all of your costs – mortgage, insurance, management costs, and upgrades – and then determine whether the amount you can charge will enable you to be profitable. Also consider how long the property can sit idle without being rented, as well as what level of loss you are positioned to sustain in the event of a deadbeat renter. Having a manager for your rental property can help you to focus on these issues rather than worrying about every issue with the property itself.

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Many large apartment buildings simply choose to keep one suite empty at all times and have it as the “walkthrough suite”. Of course there are small problems with that idea if the suites in question don’t all conform to the same floor plan or square footage, but if they do, then this can be a great tool. This way, you can decorate the suite with furniture, art on the walls, appliances and even personal touches like pictures or delivery menus stuck to the refrigerator door. You can let the tenants walk around while you point out the suites amenities and explain to them that their suite will be exactly like this, only bare.

If you are managing a building where floor plans vary too much or it is not in your best economical interest to keep a perfectly rentable unit empty just for show purposes, there are small touches you can do to make a suite more welcoming. Try to keep the walls a nice, neutral color so that people aren’t instantly off-put by the space as soon as they see it. Also, visit the suite before you bring tenants there and do some last minute cleaning up and dusting/cleaning, just in case anything was left behind after the last tenants moved out. Open up any blinds so that as much natural light can come into the unit as possible. Change any light bulbs that need fixing and make sure everything that comes with the apartment, such as a fridge or stove, is in perfect working order.

As for bad news, don’t ever lead with it. You need to mention it since it can put you in a bind if you don’t, but make sure you’ve emphasized all of the positives about this space before you broach the subject of negatives. Don’t be afraid to use phrases like, “….but it doesn’t seem to be much of a drawback for our other tenants, no one really seems to mind.” You have every right to minimize any problems, but you must acknowledge them.

A final tip is to have a complete knowledge about that particular suite (or home) and about the building itself. Chances are, tenants are going to ask some off the wall questions, and if you can answer them with a big smile on your face, not only does it make you seem professional, it makes you seem reputable. Remember, no space is perfect, but if done right, you can make your rental property seem as good as gold.

The first thing that every renter needs to do before they go out hunting for that perfect property is to sit down and make a list of what is important to you and what isn’t. If you live in a big city and you’re looking for the perfect apartment, you might need to find one that takes pets if you have a cat. In most cities, that one qualification instantly eliminates 60 percent of all apartments. Trying to decide what is most important and what you can let slide can be almost impossible for some people, especially if you are a couple and there are incompatible things that you each want. It maybe tough, but prioritizing what you want in a property will make finding one you’re happy with much, much easier.

Another way that you can find the perfect property to rent is to ask neighbors that already live in the same building or live nearby. If you’re looking to rent a house in a new neighborhood, don’t be afraid to knock on the door of a home next door and ask about what people think about the safety of the area, the schools, is it peaceful, mail service, garbage service, the cost of utilities and anything else you can think of. It may be a little awkward at first, but you would be surprised how happy most people are to be asked what they think.

Failing that, the Internet can be a great way to do research on a particular building or apartment development. There are sites scattered everywhere that allow people to vent their frustrations about a particular management company or condo association. Just keep in mind that no matter how respected or well run a building or condo is, there are always going to be some people who just didn’t enjoy their experience there.

A final tip is to ask as many questions from the person you’re renting from as possible. Sit down the night before you see the property and think of a master list of questions so that you don’t sign on the dotted line and then end up regretting it a week later. A lease is a legal contract and it is not something to be entered into lightly. Make sure you have your bases covered and you’ll find that perfect property to rent in no time flat.

We also suggest using www.rent.com.au as a great place to start searching for your rental property.

The first thing you need to do is to try to divorce yourself from any kind of emotional connection you have between any renters that may apply to live in your building. It is hard to turn people out on the street that have gone through tough times, but let’s be honest, who hasn’t gone through tough times at some point in their life. You are trying to run a business, and it’s pretty safe to say that you had to sacrifice and work hard for a long time to earn the money that you’re investing with, so although it may be tough, you can’t afford to be a nice guy. Rent to people who can meet your requirements and don’t make any exceptions.

This lack of emotional involvement extends to once your tenants move into your building. Who doesn’t want to be friends with their tenants? Most people think that if they can forge a friendship, it will be less likely that the tenant will mistreat the property. While that may be true, that same friendship can get in the way of enforcing the lease agreement or even going ahead with an eviction. You’re playing with your own money here, you don’t have the time to make exceptions.

Maybe the best thing you can do is to simply trust your gut. If someone just strikes you the wrong way or something about them seems somewhat suspicious, then simply don’t rent to them. It’s far from a scientific way of dealing with things, but there is a reason why cops trust their guts every day, it tends to be the right thing to do. In lieu of that, make sure you check out every applicant’s entire rental history. If they don’t have one, then you might want to think about not renting to them. If it all checks out, then you should be in better shape. Also make sure you call their place of employment and even character/personal references to see if they are honest, hardworking people. There is no way you can be 100 percent sure, but by covering all of your bases, you can rest easy at night knowing you did everything you legally can to protect yourself.

A final tip is to make sure you enough clauses in your rental agreements to protect yourself in case a tenant needs to be evicted or does damage to your property while they live there. If you don’t already have a personal lawyer who will draw up your rental agreements, get one. You don’t want to try to draw one up yourself, you probably won’t be adequately protected. ]]> http://www.rentalproperty.com.au/protecting-your-self-against-bad-rental-tenants/feed/ 29