Converting part of your home into an apartment is a great way to offset your costs and bring in a consistent income all at once. As you are located on the property, you can also keep a closer eye on your investment, deal with issues immediately, and get to know who is living in your property. Making these initial conversions, however, is not where your effort ends. To be a great landlord that attracts (and retains) top tenants, you will need to adopt these top tips into your strategy:
Invest in Preventative Renovations
Opting for the cheapest paint will only guarantee you will need to refresh it again and again. Choosing spill-proof paint that can handle being wiped down with a cloth and soap will ensure that short-term tenants cannot do long-term damage to your walls. This same principle applies to multiple areas of your home. Sometimes going for the cheapest option is not the most economical. You want your property to be sturdy and durable so that over time you spend less on repairs.
Always Deep Clean Your Apartment Between Tenants
End of lease cleaning should be a standard for every tenant. Not only does it guarantee a better clean than if you allow your tenants to clean the apartment themselves, but it also prolongs the life and loveliness of your apartment. You can get it sparkling and deep cleaned right into the fibres for your next tenant, and in turn, your carpets, upholstery, and appliances can enjoy a longer life.
Tip: If the tenant lives in your property for more than one year get in touch with them so that you can have it deep cleaned while they are living there. Carpet cleaning and upholstery services are affordable and working with your tenant to allow them into your property during their tenancy can help you maintain your great apartment.
Create a Professional Listing
Do you want great tenants? Then you are going to have to offer a property that is better than anything else in your area. A quality conversion and deep clean between tenancies is a great start, but you will want to follow up with a professional listing. This means bringing someone in so that they can take professional photos of your property, create a floorplan, and write a description that has people booking viewings ASAP.
Use Professional Management Tools
You may be living above them, but that doesn’t mean you should skip on the professional landlord management tools. There are apps out there that can make it easy to report problems and send photos. Not only can this make it easy and convenient for your tenants, but it also allows for proper documentation to be recorded. Requests to make changes on your behalf can also be made through these apps so that you can have an easy, professional relationship throughout their tenancy.
Managing tenants is always tricky, and that is especially the case when they live on your property with you and your family. By adopting these tips, you can improve the quality and volume of the applicants looking to rent your space and better manage your tenants so that you both can enjoy a peaceful, positive experience.