Being a landlord can be extremely difficult. This is doubly true if it’s your first time. To help make things easier for you, we thought it would be useful to put together a couple of tips that should help you become a better landlord. If this is something that you’re interested in learning more about, read on for four useful tips for first-time landlords.
Manage Your Property Like a Business
Don’t treat your tenants carelessly, and make sure to double-check your accounting records before you lease it out. Before renting out your property, you should make sure you’ve covered all your bases and followed every important law to avoid any potential legal issues. It’s worth spending some money on making sure your property complies with all up-to-date city or state codes.
Post Your Listings Online
Most renters nowadays search online for their next rental apartment. An online rental listing is one of the best ways to attract the right type of renter to your property. Online listings are helpful because they provide all the information a potential tenant needs to consider renting your property: the location, price for rent, number of rooms, washrooms, amenities and nearby attractions. Before deciding on a tenant, make sure to take the time to screen them properly. The fundamental objective of tenant screening is to find tenants who pay their rent on time and take care of the property. This essentially helps you filter out the good candidates from the huge piles of applications that you might receive daily to only choose the most reliable ones.
Hire a Property Manager
Hiring a property management company can be wise for many reasons. Not only will you save time and hassle by not having to market your rental, collect rent each month and deal with tenant issues, but a good property management company will help you manage your various rental properties if you’re overwhelmed with responsibilities as a landlord. A property management company will take off the burdens of dealing with rentals and all tenant-related problems from your hands, leaving you with peace of mind.
Set the Adequate Rent Price
The actual rent price in your market is the best place to determine what your property should rent for. To determine the rent price for your area, look at rental prices for similar properties around your own. Once you have found a range of rent prices in your area, set the appropriate rent value for your property so that you can reduce the vacancy time of your space and attract good tenants.
We hope this article proves to be useful when it comes to helping you gain a better understanding of how to navigate the task of being a landlord in New York. While it may seem like a daunting task at first, the tips that we’ve listed above should help make things easier for you. Be sure to keep everything you’ve learned here in mind so that you can be a successful landlord.
Being a landlord and managing your rental properties is a gargantuan task and isn’t for everybody. That’s why seeking help from NYC Apartment Management is the best solution for an investor like you. We offer you a comprehensive service package tailored to your needs and requirements. You won’t find any other apartment management companies in NYC that do things as we do. Contact us today to get started!