Becoming a first-time landlord may be a daunting prospect. When you purchase an investment property, there are so many things to consider. Having worked in the property management business for nearly 40 years, we understand exactly what landlords will go through. Here are some important things to consider before putting your rental property on the market.
Understand Housing Laws
As a property investor, you will want a thorough understand what the housing laws are and how they can impact you, your property, and your tenants.
Choose Your Tenants Carefully
Employment, credit, and reference checks are the minimum requirement. Tenant screening is one of the most important processes and deserves due time and attention. Working with an established property management business can help to alleviate any of the guesswork when it comes to choosing the best tenant for your property.
Management of Payments
Rent collection is one of the most important parts of being a landlord. It is important to stay on top of rental payments and manage them strictly. If tenants run into issues, you need to be able to work with them effectively and ensure that late payment challenges do not escalate or get out of control.
A Pet-Friendly Property?
Whether you are pet lover or not, allowing tenants with pets is always something you will need to consider in advance. There are pros and cons to think about. For example, if your rental property has no outside space and carpets throughout, damage could occur if you allow pets. It is always best to discuss this with your property manager in person.
To Renovate or Not
While renovating a property can give you a boost on your rental yield, it is important to evaluate the expected return on investment if you are considering spending money on your property.
Gone are the days where you want your tenants to mail you a check to pay their rent. Make sure you allow your tenants to pay their rent quickly and easily online.
While this list is not all-encompassing, it hopefully gives you several key points to think about. Other things to consider could be your property financing strategy, property marketing, and additional income opportunities.
If you choose to work with an experienced property management company, please contact us. We are happy to help you manage all the tasks mentioned above.