There are over 71,000 people living in Dothan, Alabama, and many of them are renters looking for great rental homes. Are you considering renting out one of your properties?
First-time landlords often underestimate the time that goes into renting out a property. They go into it without any research. We're here to prepare you.
Read on for 5 helpful tips for first-time landlords.
1. Keep Your Property in Good Condition
When you own a rental property, it's your responsibility to keep it in good condition. The benefit of renting is that the landlord takes care of maintenance, for the most part. You have to keep the property looking nice.
Make sure you do routine maintenance for things like the HVAC system and plumbing. You also need to stay on top of property maintenance requests. Never leave a tenant waiting for repairs for too long.
The longer you go between maintenance visits, the worse condition your property will be in.
2. Set the Right Rent
Too many landlords want property ownership to be a "get rich quick" investment. They try to set sky-high rents and get confused when they have vacancies or when tenants don't renew.
You need to set a rent that's reasonable both for your area and for the condition your property is in. Check out other similar properties nearby and set the rent accordingly. If you want to raise it, you need to make improvements to the property.
3. Screen Tenants Carefully
Most tenants are going to be well-mannered, respectful, and excellent overall. However, there will be some that can cause problems. To avoid these, you need to screen your tenants.
Tenant screening can be as loose or as in-depth as you want it to be. You can check their income, their credit, their rental history, and many other things as long as they aren't restricted by fair housing laws.
You can also have a property management company screen tenants for you.
4. Keep Your Tenants Happy
A happy tenant is going to be more likely to renew their lease or recommend your property to others upon moving out. You want happy tenants.
Keeping your property well-maintained will help to keep your tenants happy. You may also want to offer small incentives to tenants, improve the amenities of your property, and make sure your tenant communication is top-notch.
5. Consider Property Management
Being a landlord is time-consuming. If you already have a busy life, you may want to consider working with a property management company. A good property manager can take care of a lot of the hands-on work for you.
They can handle property marketing, tenant screening, maintenance, and so much more.
New Landlords: Keep These Tips in Mind
New landlords don't always know what they're getting themselves into when they start to rent out a property. These tips will help you get started on your path toward property investing success.
Are you looking for professional property management in Dothan, Alabama? We want to help! Contact us for a free rental analysis to get started.