You're finally ready to buy your first property in the Big Apple. This is an exciting time! Are you ready to be a first-time landlord?
Being a landlord is tougher than it looks online. We've assembled a few of our tips, from conducting a rental analysis through enlisting the help of pros, that can make it easier so you can have a successful and profitable property investment.
Read on to learn more.
Screen Your Tenants
A thorough tenant screening process is a must for first-time landlords.
By conducting background checks, including criminal history and credit checks, landlords can gain insights into a potential tenant's ability to follow the terms of the lease.
This process minimizes the risk of late payments and property damage. It won't guarantee that you won't have problem tenants, but it will help.
Be Careful With Your Lease Agreement
Crafting a well-written lease agreement is an essential step for first-time landlords. You need to set clear expectations for your tenants.
The lease agreement should cover things like the rent amount, due dates, and penalties for late payments. It should also outline the lease duration, renewal conditions, and specific rules regarding pet policies and maintenance responsibilities.
Remember that a lease is a legal document. A clear lease minimizes confusion and protects both you and your tenants.
Ensure the Price is Right with a Rental Analysis
Determining the right rental price can be tough for first-time landlords seeking to attract quality tenants and remain competitive. You want to make money, but you don't want to scare people away.
Research local rental prices for similar properties and consider the features and condition of the property. Be realistic about market demand and adjust the rent accordingly so that the property is priced competitively. Rental prices are going down in NYC, so plan well.
This can increase the chance of attracting responsible tenants while maximizing the property's rental income potential.
Maintain Your Property
First-time landlords should establish a maintenance plan. You want to keep your property in good condition for as long as possible.
Regular inspections enable landlords to identify and resolve maintenance issues early on. This prevents small problems from becoming major concerns.
Working with a maintenance professional to ensure you respond to urgent maintenance requests quickly will keep tenants happy and protect your rental property.
Hire a Property Manager
If you're a first-time landlord who already has another job and many responsibilities, a property manager can help you. They'll handle tenant screening, marketing, maintenance, and more.
A property manager can help you avoid extended vacancies and make your rental property as successful and lucrative as possible.
You Can Have a Successful Rental Property
These tips can help first-time landlords succeed. Conduct a rental analysis, price your property right, keep it well-maintained, and screen your tenants. Consider hiring a property manager as well.
If you're a New York landlord who could use a hand, we can help. At PMI New York City, we use state-of-the-art technology to keep our clients up-to-date. We'll help you make the most of your investment.
Get a free rental analysis or schedule a consult today.