The landlord lifecycle begins before you even purchase your first property. It can be a bumpy road, but many property managers think it’s worth it, both as a rewarding career and a solid investment. How do you get started? What are the steps along the way? We share the most important highlights below.
Before you can become a landlord, you have to own property. Acquiring a building that will make an ideal rental is your very first step. Make sure you do proper research on rental laws in your area, then search listings on Craigslist or other local sites to find ideal properties to view. Consider your options carefully and calculate out all your costs, and then take the next big step…purchasing the property!
Now it’s time to prepare your new property for rental. You can’t just sign someone and have them move in — you must properly register your unit or home and abide by all local and federal laws before you can become a certified landlord. Fill out all the proper permits and register as a business. After that, the fun begins! Now you can renovate and make the unit appealing to potential renters.
The next step is finding potential tenants! You can do this by listing your property on Craigslist and other online sites. We recommend you review some tips for creating a great rental advertisement. Make sure you’re able to take applications digitally or physically, then wait for the applicants to roll in. This point is critical — it’s when you’re going to want to start screening potential tenants. We offerre a variety of tenant screening packages that will be a big help (more info below).
From there, you’re all set to select the tenant of your dreams, sign a lease, and help them move in! Once they’re settled, you’ll be responsible for maintenance and repairs on the unit, as well as collecting rent, managing your taxes, and more. Make good connections with cleaning services now — you’ll need them for cleanings between tenants! Be supportive and attentive to your tenants’ needs and they’ll remember you as a good landlord and quite possibly recommend you to others. Manage your finances well and start looking for new investment properties once your first takes off. You can only go up from here!
Tenant Screening you can rely on!
As we mentioned above, we offer a number of very helpful screening packages for new and experienced landlords. Depending on your needs and number of rentable units, we may need to perform an on-site inspection to confirm a separate home office, locking file cabinet for properly storing applicants’ report information, and an acceptance of terms of 25-page agreement for service. We also offer TSC RentalConnect for an unlimited number of properties if you can’t manage an on-site visit. These packages will offer you all the peace of mind you need, whether you opt for a mini or full credit check for your tenants. For more information, please contact us anytime!
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