Congratulations on your first rental property! It’s a smart investment and it seems like it will be easy to manage, right? Well, at least on paper it looks simple enough, but look closer before you leap.
The fact is that being a landlord is a lot more difficult than it may sound. Any home maintenance that arises, any appliances that break down, or any other such issues are yours to manage. You are legally responsible. And let’s hope you have a reasonable tenant and not one that keeps you jumping through hoops.
But the good news is that there are ways to easily manage your first rental property and help you gain added confidence as a landlord.
One step at a time. You cannot possible know all the ins and outs from the start, so don’t expect too much from yourself. If you’re a homeowner and you have experience taking care of your residence, you have a head start in managing a rental property.
Start with one property. Start small and think big later. Invest in a single-family property and gain experience managing it for a year or so.
Newer property is easier. For all their charm, older homes can be a nightmare to maintain. Newer homes will not need so many upgrades. It might also be easier to keep tenants longer in a newer property.
Reach out to other property owners. Talk to property owners who know the business. They will be happy to share what their challenges have been and help you avoid them.
Build a network of trusted contractors. From general contractors to specialists in a range of fields related to your home, these are the people you will rely on to get the work done. You can’t be a plumber and an electrician and the guy who mows the lawn, so you need a trusted network of contractors.
Stay on top of maintenance and upgrades. By taking a proactive stance with problems, you will save time, money and keep happier tenants who value the property they call home.
Rent only to the very best tenants. If you do your homework upfront and intently screen your tenants, you will be better off in the long run. Even if it takes longer to fill the vacancy, it’s well worth the wait.
These are all valuable tips for new property owners; however, if you want to eliminate the stress at the onset, you should hire a professional management service. This will take away the worries of screening tenants, upkeep and maintenance of the property, and dealing with evictions or worse.
Let the professionals do the ‘heavy lifting’ and you can go about your regular daily routine and enjoy the rewards of being a proud, property owner.