Managing a rental property is an ideal choice for people getting into real estate investing.
Renters make up 36% of the housing market in the United States. This means that several potential renters can fill your properties and help you get the most from them. The key to getting the most from your investment is to learn the ins and outs of management.
So, what makes a good landlord? What should you know about the Oklahoma City real estate market? These tips will help you learn how to manage a rental property effectively.
Understand the Duties of a Landlord
Before anything else, there's a key question you need to answer – what does a landlord do? Here are a few of the different duties that a landlord can fulfill:
- Facilitate the applications and background checks for any prospective tenant
- Manage the bookkeeping of the rental property
- Keep the property pest-free
- Address the security and liabilities
- Tour the property to prospective tenants
You have to also understand the real estate market that you're investing in. Oklahoma City recently had some of the biggest property price increases quarter over quarter.
Knowing what a landlord does will get you started on your journey. From here, you can put together the complete package for each of your tenants.
Manage Your Property Maintenance
Focus on property maintenance so that you can get the best from your rental. When you're learning how to become a landlord, it means handling a variety of fixtures, such as:
- Fixing your sink and garbage disposal
- Changing out electrical appliances
- Repairing and replacing ovens and refrigerators
- Handling Heating Ventilation and Air Conditioning (HVAC) service
- Checking and testing the carbon monoxide and fire alarms
Property managers should keep detailed schedules for all of their tenant's maintenance so that you don't fall behind.
Upgrade Your Fixtures and Landscape
Making upgrades is a big part of your rental property maintenance. Keep an eye on the types of appliances and features that landlords are including in properties today so that you're always in touch with the trends.
Go eco-friendly whenever you can, and choose upgrades that give you a return on investment (ROI) for the property.
While you're at it, make significant upgrades from time to time with your landscape. In addition to regularly cutting your grass, laying down fertilizer, and adding new plant life, you should also fix up the porch and patio, and do everything in your power to improve curb appeal.
Put the Best Professional Team Around You
To get the best from your rental property, you'll need a trustworthy staff of professionals that can assist you. Some professionals that you'll want to have access to include maintenance and repair contractors, landscapers, certified public accountants (CPA), and real estate attorneys.
Look into the fee arrangements that lawyers charge so that you can find the best pro and fit them into your budget. They'll offer property management tips from a legal perspective, which can keep you out of trouble.
How to Manage a Rental Property Effectively
The points presented will help you learn how to manage a rental property in a way that will serve you. Start here and take the next steps toward finding the real estate management pros that can keep everything in life for you.
HomeRiver Group Oklahoma City can help you with any rental and tenant information you need. Drop us a line in our comment box, or call us at (855)744-4268.