There are nearly 20 million rental properties in the United States. This includes more than 48.2 million individual units.
Although many have been managing properties for quite a while now, others are just getting started. If you've become a landlord for the first time, you need to know a few rental analysis tips and strategies to manage your property well and ensure that you have happy tenants.
Be sure to follow these essential tips for first-time landlords in Oklahoma City.
Plan for Maintenance
When renting for the first time, remember that you need to put effort into maintaining your property. Set enough money aside for maintenance costs each year.
A general rule to follow is to save 1% of the property's purchase price for the entire year's maintenance. However, this number may vary.
Always respond to maintenance requests from tenants on time. Maintaining the HVAC system, plumbing, and other areas of the home will be appreciated. While your HOA company may help with some property maintenance, you'll need to handle much of it yourself.
Price Your Rental Correctly
Before renting out a property, think about the rental cost. Set your rent high enough to make a profit but not so high that it'll be hard to fill vacancies.
It's a good idea to do some research on nearby rental properties. Set an appropriate rent for your own rental based on your findings.
Screen Your Tenants
To have a great time as an investor and landlord, screen your tenants carefully. Have a thorough tenant screening process in place to choose tenants who will be respectful of your property and pay their rent on time. Hiring a property manager can help with this.
There are many things that you can do to better screen tenants. It's a good idea to check their income, their credit score, and their rental history.
Consider getting a background check and a credit check before renting to a tenant. However, also make sure that you understand fair housing laws and follow them when looking to fill a vacancy in your property.
Focus on Tenant Satisfaction
It's important to recognize the value of making your tenants happy as a first-time landlord. If you find a great tenant through careful screening, you'll want to retain them and ensure that they stay as long as possible.
Staying on top of maintenance issues and communicating well can help keep your tenants happy and encourage them to stick around longer. When it's time to renew a lease, it may also be helpful to offer small incentives for doing so.
Protect Yourself
Finally, remember to protect yourself when you're renting a property to a tenant. Speak with an attorney who can help you create a great rental contract to use with your tenants.
You should also consider getting landlord insurance to protect yourself in case something goes wrong. Landlord insurance can help protect you from property damage, liability, and loss of income.
Preparing Your Property With Rental Analysis
To be a great landlord in Oklahoma City, do some thorough rental analysis and use these tips. Screen tenants thoroughly, maintain your property well, and keep your tenants happy.
Need help with property management in Oklahoma City? Contact PMI OKCity Local today to learn more about what we can do for you.
