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So you've purchased a rental property in the Sugar Hill, Georgia area. Now how do you start your landlord career the right way?
As a new landlord, it can be very intimidating to manage your rental property. You may not know where to begin or what kind of legal obligations you have as a landlord.
Fortunately, if you're prepared and have the right tools, managing your rental property can be a rewarding experience. Here are some of our best tips for landlords to help get you started.
1. Decide How Much Rent to Charge
Before you list your property for rent, decide on a price. A rental analysis will help you determine how much rent to charge based on the average rent and vacancy rates in the Sugar Hill, Georgia area.
It will also give you a good idea of how many concessions, like a security deposit, are typical of your market. Use this information to determine the price point that will ensure you get the best possible tenants.
2. Screen Potential Tenants
Landlords sometimes skip this step, but it is vital to the success of your rental property. Find out about a potential tenant's background, financial situation, and ability to pay rent on time.
Do this by running a credit report on all applicants, checking references, and income verification. Make sure you feel comfortable with the person who will live on your property before signing a lease.
3. Set Clear Guidelines in the Lease
A lease is a legal agreement between you and your tenant. It sets out the terms of the rental, including how much rent your tenant will pay and when it is due.
It also includes what happens if the tenant doesn't pay rent or breaks other terms of the agreement.
When you're becoming a landlord, setting clear rules and guidelines in your lease is important. This will help you avoid problems later on when you have a tenant living on your Sugar Hill area property.
4. Roll With the Maintenance Requests
Maintenance is the bane of any landlord's existence. It's not fun, but it's a necessary part of the rental business.
One of the best landlord tips to follow is to always be prepared for maintenance requests. If you follow a maintenance plan, the requests will be few. This can help you avoid many of the problems that come with being a landlord.
5. Don't Underestimate the Work Involved
Landlords have to be prepared for the work involved in owning a home. You need to be ready to handle repairs, leases, taxes, maintenance, and more.
If you're not prepared for this type of work, consider hiring a property management company. They will do everything from collecting rent to handling property inspections.
These Tips Are Important for First-Time Landlords to Be Successful
First-time landlords need to be prepared for what's ahead. But while it may seem like a lot of work, being a landlord can be incredibly rewarding. By following the tips above, you'll know that you're doing all you can to succeed.
PMI Northeast Atlanta has been helping property owners like you for over 20 years. If you need help with your rental property, contact us today!
