Three Tips For New Landlords
Owning a multi-family rental unit, such as a small apartment building, can be an excellent way to increase your income. As a new landlord, however, you may be concerned about handling the details of managing the property. The following tips can help you handle this new responsibility.
Automate as much as possible
Automating your residential interface is one of the best ways to ensure that rent gets paid on time and that repair issues are handled promptly. There is property management software available that will allow you to set up an online portal for your residents. They can then use this portal to automatically pay rent, report maintenance issues, and even renew their lease. By automating things, your tenants are more likely to pay rent on time. They can even set up automatic payments so that neither you nor they have to worry about rent going forward. Further, by allowing repair requests to be processed online, you increase the chances that issues are reported promptly instead of being ignored until the resident has time to give you a call.
Have a repair plan
Repairs and maintenance will be necessary. There will be regular maintenance such as landscaping, servicing the HVAC systems, and pest management, as well as emergency repair situations like plumbing problems. Outsourcing these services is often the best option for most new landlords. You can hire a crew to handle landscaping and work with local services for more periodic maintenance, such as the annual furnace inspection and tune-up. There are also emergency handyman services you can contract with for over-flowing toilets or other repairs that may be necessary at odd hours of the day.
Know your rights and responsibilities
Finally, you need to know the local laws that apply to your rental unit. For example, you need to be aware of any rent control laws so you don't get in trouble for over- or undercharging rent in your area. Further, there will be specific requirements that must be included in any lease that you sign with your new tenants, as well as requirements for lease renewals and evictions.
As you can see, owning a rental property isn't necessarily easy cash. There is a lot of work and the need for expertise to make sure everything goes smoothly. If you still have concerns, hire a residential property management service. They can take care of everything from finding new tenants and handling repairs, to taking care of difficult situations like evictions.