How Do You Become a Landlord?
Diversify your investment portfolio – become a rental property owner.
Are you interested in real estate investing but aren’t sure where to start your property management journey? TurboTenant is here to help!
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There are seven steps you should follow to become a landlord:
Buy a Rental Property
Put yourself in your prospective tenant’s shoes when searching for your first rental property. While the most affordable piece of real estate might be enticing, it may not be the best investment strategy due to costly repairs or an undesirable location.
Prepare Your Policies and Procedures
Successful landlords put procedures in place to uphold local and federal laws from the beginning. To safeguard yourself and your property, your processes will need to be documented, and you’ll want to have that documentation ready for every stage of your interactions with renters.
Create Your Marketing Plan
Effectively marketing your rental is critical to finding good tenants. Make sure the unit is picture-perfect, then snap some photos to boost the effectiveness of your listing. You’ll also need to write up a property description that provides as many details as possible regarding square footage, room/bathroom counts, amenities, recent upgrades, and information regarding pets, deposit, and smoking policies.
Screen Prospective Tenants
It’s crucial to set clear expectations in your rental listing to deter renters who wouldn’t be a good fit. You’ll also want to have a list of pre-qualifying questions at the ready to hone in on your ideal tenant. From there, you should ask to speak to a previous landlord, check the applicant’s credit score, and answer any questions they have for you.
Sign the Lease
You’ve found your tenants, which means you get to sign a lease and officially become a landlord. Congratulations!
Manage Your Tenant(s)
Maintain good communication, notify them at least 24 hours before entering their unit, and keep track of your conversations. To be a successful landlord, you’ll need to balance giving your tenants space and being available when they need you.
Conquer the Move-Out Process
If your tenant chooses to move out, you’ll want to make that process as smooth as possible. Doing so will help you fill the vacancy quickly and decrease costs associated with tenant turnover, which will in turn help you maximize the return on investment for your property.
For more information on how to execute these steps, check out the full article, which also includes secrets all new landlords need to know!
Landlord Resources and Tips
Beyond creating the most comprehensive all-in-one property management software, our team of experts stays busy writing articles to help you be a better landlord.
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