Are you a new landlord?
The world of property management can be overwhelming when you're inexperienced. You'll quickly realize how much work is really on your plate and if you're not ready for it, there's a good chance you'll make some crucial mistakes.
At the end of the day, whether you sink or swim will depend on your preparedness. In this post, we're going to help you swim by giving you 4 property management tips for brand new landlords. The more you know and understand going into property management, the better equipped you'll be to deal with the many and varied issues that could arise.
1. Choose Tenants Wisely
Choosing tenants is arguably the most important part of owning a property. If you've got great tenants, your job becomes a whole lot easier. So how do you figure out how good a tenant will be?
You need to be meticulous during the vetting process, but that's not where tenant selection starts. To appeal to great tenants, you need to advertise your property in the best possible way.
Good photographs and a well-written advertisement will always net you better candidates. From there, have a list of requirements that a tenant absolutely has to satisfy and don't stray from them. It's easier to invest in finding the right tenant and keeping them long-term than having tenants come and go.
2. Protecting Yourself With Contracts
When you're designing a rental agreement, it should be done by a lawyer or property manager that understands the ins and outs of property law in your state. The contract should protect you and make it easy to act upon undesirable tenants that are breaking the rules you've set out for the occupation of your property.
Get the lease right before you find tenants and you'll always have the law on your side.
3. Be Proactive About Repairs
Being a good landlord means taking care of problems with the house or office in a timely manner. If you want to keep great tenants renting from you, then you need to treat them with the respect that you expect from them.
If you're not adept at making repairs yourself, you should either hire a property manager that can take care of these things for you or find a good handyman that you trust.
4. Hiring Property Management
Piggybacking off of the last point, you may find that you don't have time to do things like making repairs or respond to inquiries from your tenants. This is understandable as many first-time property owners have careers that make it hard to do both things.
For your first property, it's almost always a wise idea to hire a property manager to help you. At Home River Group, we help Tulsa property owners manage their properties in a professional way that attracts great tenants and keeps them there. We'll help you to screen tenants, collect rent, evict tenants when necessary, and make all the necessary repairs to your property.
Hiring a property manager will make your life easier so you can experience all the benefits of owning property without any of the woes.
Make the Most From Your Property
There's nothing easy about property management, but if you follow these tips and remain diligent about the things we've outlined, then you'll be fine. If you're curious about hired property management in the Tulsa area, then contact us to learn more about what property management entails and how we can help you make the most of your property.