Were you aware that there could be as many as 11 million landlords throughout America?
If you're interested in exploring real estate careers, then being a landlord could be a rewarding path to take. The demand for rental properties will always be high and landlords help facilitate the flow of people moving in and out.
Becoming a landlord is a smart career choice, but there are plenty of things they need to know to be successful. Continue reading our guide to learn five tips that will allow you to be the best landlord possible.
1. Have the Right Attitude for Working in Real Estate
Lots of first-time landlords struggle with maintaining kind but professional relationships with their tenants. It's important to always remember that you're running a business and you have to prioritize your profits.
You can show a little bit of leniency when people are late on rent, but you can't allow tenants to form bad habits.
2. All Types of Landlords Need to Screen Tenants Carefully
One task that you never want to rush is tenant screening. You need to be confident that the applicants you approve will be reliable and respectful tenants.
From conducting background checks to asking for proof of income and investigating rental histories, there are plenty of steps you can take to verify that an applicant is trustworthy.
3. Know How to Price and Market Your Property
Do you live in a big city with a high demand for housing? Does your rental unit have lots of fabulous amenities? These are some of the factors you need to consider when you're establishing a price for your property.
Once you're ready for tenants to move in, you'll have to come up with an incredible marketing strategy to shine a spotlight on your property. Make sure your strategy is streamlined so you don't spend too much money.
4. Keep Up With Landlord Laws
When you become a landlord, it's crucial to ensure that you know all of your local laws so you can avoid nasty legal trouble. If you're ever unsure about anything, you need to consult a lawyer first.
Running a legal business will allow you to keep all of your profits and maintain a healthy relationship with your tenants.
5. Don't Take on Too Much Work
If you're feeling overwhelmed by everything you'll be responsible for once you become a landlord, then you should consider outsourcing some or all of the work. You can hire a competent property management company to take care of everything while you enjoy most of the profits.
Do your research so you know that your property management company will run your business the way you like.
Are You Thinking of Becoming a Landlord?
Becoming a landlord does have its own challenges, but the work is rewarding. This advice will help you get the most out of your job.
Do you own property in the Gresham, OR, or Portland, OR areas? Contact us to learn more about our property management services.