Renting property is a fantastic way to make money and become more financially secure. You can invest in real estate and earn a living, while your physical assets appreciate in value. Over time, you can either build your real estate portfolio even more and increase your earnings, or you can sell your property for a quicker return on your investment.

Renting is one of the most reliable ways to earn money with your property, but it largely depends on building relationships with tenants. As a landlord, you have to uphold your end of the contract, and here are some ways to make sure that your property is ready for people to move in.

Check Local Laws

Before you rent the property to tenants, you need to make sure that you’re familiar with the local landlord regulations. These can differ depending on where you are, so if you have properties in more than one state, look up the laws of each state to make sure that you’re following the regulations.

Neglecting to do this could result in a fine or the contract being invalidated. In some cases, this could mean that your tenants can legally live rent-free on your property until you bring the property up to the standard it should be.

Set Rental Rates

Another thing to consider is the rental rates. While it might be tempting to just choose the highest rent possible, you need to consider how popular the area is, as well as the average rent in the area. If your property is in a high-demand area with few properties, you might be able to charge more. But if the property is in an area where there are plenty of empty places to rent, you will need to consider lowering the rates to be more competitive.

Sometimes the rental rates are also affected by local guidelines and rent control, so always make sure you don’t go over these, especially if you’re planning to raise the rate.

Cleaning and Maintenance

One of the requirements of a landlord is that the property is habitable. This means that you will need to clean the property before and after tenants use it. In some cases, the tenants might do a good job of cleaning it themselves, but it’s still good to look out for issues such as mold. If you find damp and mold, make sure to hire mold removal experts to get rid of it.

You also need to maintain the property while it’s being rented. Always tell your tenants in advance when you need to enter their home for maintenance and, if they call you about a problem, get it sorted quickly.

Outsourcing Property Management

If all of this sounds like a lot of work, especially if you have multiple properties all with different tenants, there are ways to make things easier without being a neglectful landlord. You can hire property managers to collect rent, clean and maintain the properties, and otherwise manage the tenants and properties. This will cut into your income, but it can be worth it for truly passive income.