The rental property business can be tough, especially for new landlords who do not have a solid process nailed down. However, even landlords who have been in the business for decades may find themselves in uncharted territory as the rental market continues to heat up. To help your rental property flourish in the coming year, here is a comprehensive list of things all landlords should be doing by 2022.

1. Marketing Your Vacancies Online

In this day and age, most tenants are searching for apartment or rental home vacancies online. It is not enough to advertise your vacancies in local newspapers or magazines anymore. If you want to reach a wider audience and attract quality tenants, you must be marketing your rental property vacancies online.

If you are unsure where to start, there are several sites that are trusted in the industry and by potential tenants as being accurate and up to date. Those might include Trulia, Zillow, Rent.com, Apartment Finder, and Realtor.com. Make sure your listing is clear and descriptive, giving renters a complete picture of what you are offering. You should also include images of the rental property, including community amenities. If you work with an experienced property management company, they will usually do all of this for you.

2. Requiring a Background and Credit Check

Finding the right tenants is essential to keeping your rental property looking good and making sure rent is paid on time. The very best way to ensure you are getting the most qualified renters is to require a background and credit check before you commit to a prospective applicant. A tenant’s history is an important glimpse into their level of commitment and responsibility, so you can avoid unnecessary headaches down the road by utilizing both of these reports.

Things you want to look for in the credit and background checks are significant amounts of debt, poor credit, bankruptcy filings, any prior evictions, and criminal history. Although it is up to you as to who you want to rent to, it is generally a good idea to look for potential tenants with good credit and a solid rental history that includes on-time payments and good references.

3. Requiring Tenants to Get Renters Insurance

The last thing landlords want to deal with is a potential lawsuit and litigation because a renter’s property was stolen or damaged. Although your lease agreement (generally) states that you are not responsible for lost, stolen, or damaged property, a tenant may find a loophole and try to hold you responsible, especially if the costs are significant.

One way to avoid this potential situation is to require your tenants to get renters insurance while living in your rental property. Renters insurance is generally not expensive but covers just about everything, including damaged belongings or stolen property.

4. Doing Your Research on Market Prices

It is vital to stay competitive in this rental market. In order to do that, you must offer good rental rates that do not price you out of getting good tenants, but also do not low-ball your property’s value and attract the wrong kind of clientele. The best way to ensure your rent prices are fair is to do your due diligence and thoroughly research the current market in your location. Additionally, as a business owner, you will also know if you are getting the best return on your investment by knowing what your competitors are asking for in rent.

5. Utilizing Technology to Collect Rent

More and more people are paying their bills online. In fact, younger generations of renters do not even own checks! This is why it is important to offer an easy and convenient way for your tenants to pay their rent that does not involve having to mail a check or money order. Find the right technology that allows your renters to log in to a secure app and pay their rent directly to your account from their bank or credit card.

The other side of this technology is that landlords benefit from using it as well. Tenants can automate their rent, making them less likely to miss a payment and ensuring you have access to your funds in a timely manner.

6. Doing Routine Maintenance Checks

This tip might seem obvious, but too many landlords skip over the basics. As you head into 2022, now is the time to make sure you schedule yearly maintenance checks (or maybe even quarterly maintenance checks, depending on your property) to avoid costly repairs or damage. This might include things like HVAC tune-ups, appliance checks, plumbing system evaluations, painting touch-ups, and checking locks and other security measures. Just be sure to give your tenants plenty of notice if you need to enter their units for the maintenance checks.

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7. Investing in Efficient Appliances

If your rental units or homes still use older appliances, it could be costing you a lot more than you know. Old washers and dryers, dishwashers, and refrigerators use excessive amounts of electricity and use significantly more water than some of the newer energy-efficient models.  Even if your tenants are responsible for paying for their own utilities, you could be missing out on attracting better tenants or asking more for rent because of your outdated appliances.

Although new appliances might seem like a lot of money upfront, it is a wise investment that will pay off over time. Outside of saving money, your rental property will instantly look cleaner and updated with new and improved appliances!

8. Working with a Professional Property Manager

In this busy rental market, it may be time to consider working with a professional Henderson and/or Las Vegas property management company to help you handle all the responsibilities that come with being a landlord or property owner. Having a rental property is an exciting but risky business venture. With that said, it should be managed the right way to optimize your rental income and ensure things are done properly.

A professional property manager can help with everything from screening tenants, to collecting rent and scheduling maintenance to communicating with tenants. If you find that your plate is suddenly full with all your landlord responsibilities, a property manager might be the easiest and smartest solution.

Las Vegas Property Managers

When you are ready to take your Las Vegas rental property income to the next level, the Black & Cherry property management team is ready to help! We manage properties across Southern Nevada, including Henderson, Las Vegas, and North Las Vegas, and assist landlords with streamlining their process. To learn more about our property management services, contact our team today!