After purchasing an investment property, you are officially promoted to landlord, and you have more responsibilities on your shoulders! Investment property, as the name suggests, this property is not bought for self-occupation, but for investment purpose. Since you don’t live in yourself, the only way to invest is to rent or resell. If the property cannot be resold in a short period of time, you must choose to buy it and rent it out to earn rent, and then wait for the sale.
So as a landlord, what are the things you need to do next?
1. Decoration
Everyone knows that high-quality properties will attract more high-quality tenants, and it is also a great opportunity for you to increase your rent. Before decorating, ask experienced friends or family members around you to discuss how to use the minimum amount to complete the most gorgeous decoration design and create a comfortable home environment.
2. Consider furniture
In addition to making the house look more beautiful, furniture with different properties can also bring an important role to the environmental space. For example, installing extra-large glass mirrors in the living room does create a lot of expansion in the area of the house visually. When tenants visit the house, let them feel that there is still a lot of space in the house to put their belongings, and the overall environment is both economical and tidy,
3. Find tenants
After settling in the decoration and furniture, I believe the next step is to start looking for tenants. After all, the longer the vacancy period, the lower the income. There are many ways to find tenants, such as posting advertisements on the Internet, being introduced by others, or entrusting real estate agents. In the process of searching, don’t forget to filter the background of the tenant’s information to ensure that your house is the most important condition.
In addition, after the house is successfully rented out, you must keep a backup key for yourself, so that you can rush to deal with anything in the future.
4. Entrust a real estate agency
If you think finding tenants and advertising is a hassle, and you don’t have much time to deal with it, you might as well entrust the assistance of a real estate agent. I believe that through their professional experience and knowledge, they will help you complete the rental transaction with a reasonable rent amount, and handle the trivial leasing matters for you, such as the troublesome tenancy agreement procedures.
5. Management fee
If your investment property is a high-rise apartment, you will have to pay a property management fee , which covers security, central air-conditioning system and equipment and facilities. Before you find a tenant, you must make regular monthly payments until a new tenant appears, and then discuss who will pay the management fee.
There are many things to consider when investing in a property. Feel free to contact IQI’s real estate agents at any time by emailing hello@iqiglobal.com, they will help you to ease the difficulties encountered in the process of investing in property.
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