Your Introduction to Rental Properties

  • Shirley Martin
  • 06/16/22

Your Introduction to Rental Properties:

Resources to Offer Guidance

Are you thinking about buying your very own rental property? Have you already purchased a
property and started accepting tenant applications? Or are you making renovations to turn the
place into a vacation rental? Wherever you are in the process, this guide will be a
valuable source of information about purchasing and managing a rental property or vacation
home!

Work with the Right Professionals

Professionals will offer some invaluable advice, expertise, and time-saving resources to ensure
your first experience as a rental property owner is positive.

● If you’re interested in purchasing a rental property, work with a reputable commercial
real estate agency like BZN Realty.
● Hire a property manager to handle your ongoing landlord duties

● Find a local contractor who you can keep on retainer for regular maintenance and
emergencies.
● If you’re running a vacation rental, hire a housekeeping service to clean the place
between guests.
Run Your Rental Like a Business
Whether running a long-term rental or a vacation home, try to shift your mindset from
homeowner to business owner.
● Make sure you’re permitted to rent your property by checking your HOA rules and
local laws.
● Establish your business as an LLC to shield yourself from personal liability.
● Get insurance for the property that covers its use as a rental home. Regular
homeowners insurance will not cut it!
● Use an online accounting system to keep track of your expenses so you can write them
off when tax time rolls around.
Learn How to Attract Great Renters
In both long- and short-term rentals, try to attract responsible and reliable renters who will take
care of your home.
Design your vacation rental with your future guests in mind, including durable finishes
and appliances that will hold up to frequent wear and tear.
● Accept online payments to avoid late payments and issues with nonpayment. E-transfer
tends to work well for long-term tenants, while vacation-goers may want to pay by credit
card.
● Market your rental to ideal audiences, such as professional couples or families with
children.
● For vacation homes and long-term rentals, be clear about your house rules in your
listing.

Running a rental property can be a great way to generate income, but it’s far from passive work.
As you saw in this guide, a lot goes into setting up your property, maintaining the place, and
managing renters. Treat it like a full-fledged business by purchasing insurance and utilizing
accounting software, and you’ll have the best shot at success!

Photo via Pexels

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