There are 20 million rental properties across the United States, and many renters are looking to fill those units. This is a great time for landlords, especially if you're doing it for the first time.
However, you may be wondering what you should look out for. There can be some unforeseen issues or things that you may not have considered that come up. If you're not prepared, it can be hard to navigate for the first time.
Are you wondering what to know as a new Charlotte landlord? Let's look at 5 things that you should know about in this article.
1. Finding Tenants
There are many ways that you can find tenants, but this can be one of the most stressful parts of the process. Finding the right tenant means advertising in the right places.
Today, it's very common to look online. This can also help you do a little research on your potential new tenant.
Posting ads for your rental on classified sites or social media can help spread the word and have great tenants find you.
2. Extensive Screening
Before accepting someone's rental application, it's important to have an extensive screening process to assess their quality. This can help keep difficult tenants out of your property.
Your screening process should go over their history and background as well as references.
References are a great tool, especially if the person has rented before. This gives you a chance to speak with a past landlord and get valuable insight into the difficulties or advantages of this tenant to make the right decision.
3. Photos
Photos are extremely valuable, especially as a landlord. Always be sure to take photos of the property as it was before the tenants move in. Then, take more once they move out.
If damage does happen to occur during the tenant's time there, you'll have photos to back up your claim. They can help you prove a case and ensure that you get justice.
It will also help you understand if the next tenants to move in have done any damage to the property.
4. Document Everything
Having everything lined out in writing is important if any issues arise in the future. Ensure that you don't make any verbal agreements. Always have it well documented in writing to back yourself up.
This ensures that things will go as smoothly as possible, and if an issue arises, you have proof behind you.
5. Consider a Property Manager
Property managers are an invaluable resource, especially for new landlords.
They will take care of everything from finding tenants, to screening them and doing maintenance to the property. It's a hands-off approach, and you still get the benefit of having the rent in your pocket.
Tips for Charlotte Landlords
With these tips, you're prepared to invest in Charlotte real estate and join many landlords as they build upon their income streams. You'll know how to avoid common issues and make your job as a landlord seamless.
If you're still unsure, consider contacting the HomeRiver Group in Charlotte, North Carolina. Be sure to contact us to find out how we can help you manage your property today!