With there being 20 million rental properties in the US, many landlords are out there doing great business with tenants and creating success for themselves. However, it can seem like a daunting role to get started in with the amount of responsibility it brings.
If you're getting started as a landlord, you might be wondering how to handle your rental property management.
Here are some tips for first-time landlords so you can get off to a great start.
Know Housing Laws Specific to Your Area
The first thing you need to do to manage your rental property successfully is to be aware of the housing laws in your area. Housing laws can vary from state to state and even county to county, so make sure you've done your research (or consulted an expert) and everything you're doing is legally sound.
If you have any questions at all, don't be afraid to seek help from an attorney or property management company, as they'll set you on the right track and make sure everything is in order.
Get Everything in Writing
Under no circumstances should you agree on something with a tenant or expert that you don't have in writing.
Everything should come with a contract that both parties sign. It's one of the most obvious property management tips, but landlords often fall down the hole of thinking they don't need to get something in writing in the moment — then it can come back to bite them.
Establish Business Hours
Becoming a landlord and handling investment property management often means that your work-life balance starts to become blurry, especially if this isn't your full-time job. Establishing business hours for both yourself and your tenants at the start can be huge.
This means you don't have to deal with rental properties outside of reasonable work hours (unless it's an emergency). Ask tenants to only text within specific times unless it's urgent.
You should run background checks on all tenants and ask for references. No matter how nice someone seems, it's essential that you protect the property you've invested in and make sure you trust the people who are living there. 28% of SmartMove applicants had a criminal record, so beware.
Ask for Help
As a first-time landlord, you might not be sure what you're doing — which is where a property management company can come in handy.
They can help you handle your affairs, screen tenants, and more.
Follow These Rental Property Management Tips for Success
As a first-time landlord, you can be just as successful as someone who's been doing this for decades if you follow these rental property management tips. Be careful who you rent to, get everything in writing, and get to know the laws.
You should also hire help where you need it.
Looking for a trustworthy property management company in Atlanta? Schedule a consultation with us today and let's see what we can do for you!