Welcome aspiring landlords! Whether you consider yourself a real estate pro looking to diversify income or a beginner wanting to rent out a listing that has been sitting too long, there are important steps to take before entering the world of property management.
Inspect your property
Ensure that everything is in good shape according to a potential tenant’s standard. Although residents can widely vary, a good tip is to think of your ideal tenant, and what their desires would be for renting the property you are hoping to lease.
Look at desired earnings
Compare other rents in the area and ensure your price is comparable and competitive to other properties.
Protect your property
Good insurance and proper planning can be vital to a landlord’s success. Obviously, everyone wishes for great tenants. However, in reality, every tenant you lease to is not going to live up to your expectations. Proactively preparing for events such as eviction or other unforeseeable situations can lessen confusion and improve the outcome.
Need more guidance?
Check out RISMedia’s article, “How to Prepare Yourself for Becoming a Landlord.” It dives into more factors to contemplate and walk through before finalizing a rental property.
At Century 21 Triangle Group Property Management, our agents are happy to talk you through the process and transform your idea of becoming a landlord into a reality. Contact one of our agents for next steps on how you can become a real estate junky and an even better landlord.