Owning a rental property is a great way to build passive income while generating wealth but there are 4 critical things that landlords must do, especially in 2022.
#1 – Improve Tenant Screening
Let’s face it, tenant screening is the ‘life blood’ of every rental business because if the wrong tenants are chosen, it’s possible that the landlord’s life will be crazy for the next 12 months.
Thankfully, it’s thank ever before for landlord to screen their tenants, especially if they use online tenant screening and background check services like Rently.
Besides using online services, landlords should also do their due diligence to analyze an applicant’s financial habits, check in with an applicant’s previous landlords and talk with the applicant’s employer before approving them.
#2 – Make Repairs
If it’s been a while since you made repairs to your rental property, now is the right time to start getting that work done, especially if your property is currently sitting vacant.
You should focus on HVAC maintenance, cleaning, painting and adding new flooring to your property so that when new tenants tour your property, they will find it to be clean and well-maintained.
#3 – Adjust Your Rent
With the lockdowns, business closures and uncertainty in the past, one thing is for certain, rents are on the rise and it’s time for landlords to adjust their rental price.
If you’re uncertain about what you should price your rental at, it’s time to consider local property management with rental Portland homes.
Our company is on top of the PDX rental market and will advise you on the best rental pricing strategy for your Portland rental property.
#4 – Grow Your Portfolio Of Rental Properties
Don’t let another year slide by without adding more properties to your portfolio of income properties.
Demand for rental properties is only expected to continue climbing well into 2023 so you should be focusing on searching for more investment properties right now.
Keep in mind that you don’t have to manage your rentals yourself because with our team of property management professionals, you can have peace of mind in knowing that your property is earning the most ROI possible.
Contact Rent Portland Homes
To learn more about the property management services we can offer you, contact us today by clicking here to connect with us online.