Congratulations on purchasing your first rental property in Hampton Roads!
Real estate investing can be a fantastic opportunity, providing you with a steady stream of income for years to come. However, being a landlord can also be challenging, especially if you are new to the game.
In this article, we will provide you with a step-by-step guide on what to do after you have bought your first rental property and discuss the value of rental property management.
Read on for everything you need to know.
Preparing Your Property for Tenants
Before you start looking for tenants, you need to ensure that your property is in good condition and ready for occupancy. Here are a few things you can do:
Deep Clean and Make Repairs
Ensure that your property is clean and free of any damages. If necessary, hire a professional cleaning company to deep clean the property and a handyman to make repairs.
Providing your tenants with a clean, functional space is the crucial beginning to a pleasant and professional relationship.
Check and Install Safety Features
Check that your property has functional smoke detectors, carbon monoxide detectors, and fire extinguishers. These safety features save lives in the event of an emergency.
Experts recommend one smoke alarm for each level, including the basement, and in all sleeping areas.
Make Your Property Move-In Ready
A good landlord provides tenants with a move-in-ready property. Ensure that all utilities are connected, and the property is ready for occupancy.
Check out our make-ready guide for everything you need to know.
Finding Tenants
Once your property is ready, the next step is to find tenants. Here are a few simple steps:
Advertise Your Property
There are several platforms you can use to reach potential renters or buyers. One effective strategy is to leverage the power of social media, where you can create posts and ads targeting specific audiences. Facebook, Instagram, and LinkedIn are all great options to consider.
Don't forget to also explore local classifieds and community websites, which can be a great way to reach people in your area.
Screen Potential Tenants
Before signing a lease agreement, ensure that you screen your potential tenants thoroughly. This includes performing background checks, credit checks, and calling references.
Take a look at our foolproof checklist for tips on tenant screening.
Sign a Lease Agreement
Once you have found suitable tenants, sign a lease agreement that outlines the terms of the rental agreement, including rent, length of lease, and tenant responsibilities.
This contract exists to protect both the landlord and the renter by preventing disputes and misunderstandings further down the line.
Rental Property Management
Managing a rental property can be a challenging and time-consuming task. Whether you're a landlord with a single unit or a property management company with multiple properties, there is a lot of work involved in ensuring that everything runs smoothly.
From screening tenants and collecting rent to marketing and marinating your property, a property management company can take the stress out of rental ownership. They'll manage every aspect of the rental process, leaving you time to concentrate on other aspects of your life or business.
Rental Property Management Made Easy
At Renters Warehouse, we understand that managing a rental property is no easy feat.
That's why we offer a range of rental property management services designed to save you time and take the stress out of being a landlord.
Our team of experienced professionals can help you with everything from tenant placement and rent collection to maintenance and repairs, so you can enjoy the benefits of owning a rental property without the hassle.
Contact us today with any enquires.
