Do you want to know how to start a rental property business with no money or little money?
If you mean to get into the business of renting out property to a business, then you need to treat it like a business. As a landlord, you have your fair share of responsibilities, not just to your tenants but also to your profitability and how you run your properties.
The rental market is on the upswing, driven by the new normal of work. According to the trend report published by Lamudi last August, businesses, and professionals go for rental properties near the workplace and transport hubs.
Here, we’re going to look at some of the partners that you should make sure that you source with and how to start a rental property business with no money or little money.
Then you can run your properties smoothly and profitably.
Real Estate Agents
The most important factor in running a successful rental is, of course, renting it out to tenants. Marketing a property and finding the right people can take a lot of work.
While it’s possible to manage this yourself, the right real estate agent brings the industry experience you might need in reaching the target market you want, as well as vetting tenants so you have the best chance of avoiding problem renters.
Marketing For Your Rental Properties
To help you list your rental properties you will need a good marketing person or tips to aid you.
You will need:
- Awesome photographs of the property
- Headlines to make one read the listing online
- Copy that will entice users to click on the property
- SEO for your web copy
- A blog to provide information on all your properties and answer questions people have about the local areas in which you rent
- Call to action to receive inquires on the rental property
- Social media posting and advertising to generate more leads for your properties.
How to Start A Rental Property Business with Handymen Help
There may be some repairs that you’re comfortable with making around your rented properties, yourself. However, you should always ensure that you have the right professional for the job when work is needed.
Find and get in touch with some local electricians, heating engineers, and plumbers to make sure that you are able to get the right handyman out to the property when a tenant needs work to be done.
They need to be cost-effective, reliable, and timely. If you fail to take care of essential repairs in a reasonable time frame, it can cost you.
How to Start A Rental Property Business with Suppliers
The handymen named above can often find the replacement parts you might need for the vital systems of the home, such as your AC and your furnace.
However, they often come with a markup. It’s a good idea to find your own parts supplier so that, when you need a 36c03-300 gas valve, you’re not paying out the nose for it. This can help you make repair work a lot less costly.
Lawyers May Be Needed
Even if you are the perfect landlord, you should anticipate that you may have to deal with legal trouble at one point or another. Tenancies are legally complex relationships, and having a tenancy lawyer on your side can help you with a number of disputes, from rent withholding to contract breaches to even criminal behavior from your tenants.
It’s best to make sure you have a lawyer on call that you know you can rely on when push comes to shove.
Property Management To Help
Even if you plan to be a hands-on landlord, you are going to need the help of the service providers mentioned above. However, if you prefer to be a little more hands-off and you don’t mind giving up a portion of the profit to maintain some distance from the day-to-day of running the property, then property management firms can take care of all of the duties of an estate agent.
They can also respond to tenant needs, find handymen for repairs when needed, and general upkeep.
The businesses above may not be the only ones that can help you grow your business, but they are definitely some of the most important.
Are you looking to learn how to start a rental property business with no money this year? I’d love to hear from you in the comments below.