Starting a business is never easy, especially get into the rental system. If you are a rookie in this business field, this may help you brainstorm what suit you the best.
What is the rental property business?
A property from which the owner receives payment from the occupant(s), known as tenants, in return for occupying or using the property. Rental properties may be either residential or commercial. The owner of rental property may be allowed to take certain tax deductions such as mortgage interest and depreciation. - According to Business Dictionary.
Start a Rental Property Business
If you decide to turn over a new leaf and lean on this new industry, let’s figure what should we do first.
It is said that most real estate failures come from a short of research. This phase might seem a little boring but it plays an important role in your work. The more you dig deep into Rental Systems, the less risk you might conquer when doing it.
You should answer these questions:
- What’s the procedure for starting a rental property business?
- How can I get funding?
- What’s the rental potential?
- How’s the competition?
- Am I ready to be a landlord?
#2 Seek for professional advice
We all know how important it is to have professional pieces of advice, that advice is extremely helpful when it comes to setting up a whole new business. If you are not lucky enough to seek mentors, we recommend you to start learning some courses, either online or offline is okay.
An expert, among other things, will help you:
- Plan for your rental property investment
- Guide you on the taxes involved
- Advise you on the type of rental property to buy
#3 Get some experience
Experience is precious in any business field. If you haven’t learnt a lot about this field, you might wanna join at least one real estate investment club. Participate and engage people who are already running successful rental businesses.
You might be able to partner with some, splitting costs and risks. Either way, you will gain valuable knowledge and learn from others' experiences by being part of the club. Most clubs also network property listings and have investor members seeking project partners.
Or maybe you should get a job in one of the rental property businesses. You could also consider doing some volunteer work.
#4 Register your rental property business
Now you feel ready enough to begin your business, you probably seek how to make it legal. Basically, registering your business means you’re listing it with the right local, state and federal agencies to gain official business status.
The corporate affairs offices or the chamber of commerce office is where you can get the ball rolling for your small business’s registration. Defining the type of business is important. Is it a partnership, an LLC, or a sole proprietorship?
#5 Set up your office
You can start your business at home, it helps save a lot of bills and you can enjoy the flexibility of it.
According to Business For Home.org
Here are some of the most important kinds of stuff to consider when setting up your home office:
Colors: The psychology of color is real, color influences mood and energy levels.
Ergonomics: Your welfare, safety, and health are critical. Consider soft keyboard pads, footrests, and ergonomic peripherals.
Layout/organization: Organization is the key to productivity. Make sure your desk surface is designed to properly accommodate your desktop and/or laptop computer and work-related items.
Lighting: You should strive for as much natural lighting as possible.
Equipment: This includes a computer, internet connectivity, phone line, copier, and so on. Make sure you invest in efficient equipment. Also, don’t forget to ensure these.
#6 Set a business plan
Now, the next thing would be to set a business plan. A plan will help you figure out how to transform your small business dream into reality.
Here are some tips you should include in your plan:
- Company description and executive summary: Highline what differentiates your company from your competitors by clarifying your company’s mission and vision statement.
- Projections on income generation: Set realistic expectations for the rental income you’ll be earning. It’s always better to be conservative with your figures.
- Miscellaneous: Remember to also include costing and financial projections, management techniques, expansion strategies, SWOT analysis, rental unit pricing, and advertising strategy.
#7 Market your rental properties
Marketing your rental properties is key to having them rented quickly. There are many ways that you can market your rental properties.
- Use the power of social media: Social media is king when it comes to advertising your rental property.
- Make use of property listing syndication: The goal here is to increase exposure for your rental properties.
- Create a video tour: This will make your rental business stand out from the others.
- Use quality pictures emphasizing the benefits of your rental: The more pictures, the better.
- Write a catchy title and property description.
#8 Set the right rent price for your rental system
#9 Choose the right extension to your online marketplace
Magento 2 Rental System allows store owners to add rented properties. Customers are able to rent items for a specific period of time and select their orders in-store or receive them through shipping.
This Magento extension helps set rental periods for products by hours, days, rental period or maximum rent duration. In addition, Magento 2 Rental System allows setting separate pricing for a fixed rental period and for the additional rental time.
Next, it helps your customers pick up their orders at a store with Google Maps for directions.
#10 Find a trustworthy tech partner
You should choose the tech agencies who have a lot of experience in implementing rental projects like Magenest. Being the partner of Magento and has many years of experience in executing Magento 2, our team of solution specialists is here to help you achieve eCommerce success and take your eCommerce business forward.
Hopefully, this blog has provided some useful info for you about the rental system. In the next blogs, we would provide more useful tools to help you deploy your business to the next levels.