While owning a Kansas City investment property is lucrative and smart, being a landlord can often come with hassles and headaches.
Renting out a property doesn’t have to be stressful, however. We’re sharing six tips today that will help you have a better rental experience.
High Quality Homes Attract High Quality Tenants
The tenants you attract will reflect the home you are leasing. You don’t need hardwood floors and granite counters in a mid-range home, but if your home is updated, clean, and well-maintained, you will be competitive on the Kansas City rental market. You’ll have an easier time charging higher rents, placing great tenants, and stressing less about who is in your home.
Don’t Rent to Friends or Family Members
Renting to family or friends is one of the most common and disastrous mistakes a landlord can make. It typically leads to problems that require you to decide whether you’re going to take a financial loss or lose your personal relationship. Most people choose to preserve the relationship, and that leads to a more stressful rental experience and loss of rental income. Don’t be tempted to rent to family and friends.
Work with Professional Kansas City Property Management
Professional management is especially helpful when you are non-confrontational. When tenants think they can manipulate you, it begins a roller coaster that won’t end until they move out. A Kansas City property manager can handle any tenant conflicts and situations whether they want to move in a 100-pound dog or pay rent a couple of days late one month. Let your property manager handle the tenants and you’ll worry less about the success of your investment.
Focus on Tenant Retention
A good tenant pays on time every month, rarely complains, and takes care of your property. When a good tenant asks for small things, don’t fight them. Giving them something extra will make them appreciate you and feel valued. Keeping good tenants in place saves you money on vacancy and turnover costs and keeps the rental process easy.
Don’t Discriminate By Accident
Everyone wants the best tenant for their property, but you can’t deny an application based on age, sex, race, religion, color, disability, or family status. You can’t ask the ages of children your tenant has; you can’t request that people who cook certain ethnic foods are denied, and you can’t say no to single or married tenants because of their relationship. You cannot decline a service dog even if you don’t allow pets. You can’t ask what a tenant’s disability is, and there are a lot of other, less obvious things that can trigger a fair housing problem. Avoid these stressful situations by educating yourself on what can and can’t be asked during the screening and leasing process.
Deducting from Security Deposits
Strict rules govern tenant deposits. You can only deduct damages that were caused by tenant abuse or negligence. Many landlords think they can deduct for normal wear and tear. All deductions have to be documented and notice given within a certain timeframe. If you lose in court, you will have to pay the tenant their full security deposit as well as additional penalties.
We can help you have a better rental experience. Contact us today at Key Partners Property Management.