So, you bought your first rental property without any prior experience. Now what? There are a lot of next steps you can take, but it's important not to take the wrong one.
Smyrna, Georgia is a great market to profit from if you know what you are doing. These basic tips from a professional property management company can help.
Keep reading to learn the best tips, from getting a rental analysis to screening rental applicants.
Get a Free Rental Analysis
One of the best tips as a first-time landlord is to take advantage of your free rental analysis. PMI Terminus offers a free rental analysis to show you how much you can profit from your rental.
This no-obligation resource provides you with a comprehensive report about your rental and the surrounding Smyrna neighborhood.
Location, amenities, and condition are some of the factors that determine the rental value of the property.
Our reports use market data to get the most accurate value, but speaking to a property management expert is the best way to understand your report.
Determine a Rent Amount
An accidental landlord likely knows nothing about rental investing, and that's okay! Rental properties are great investment vehicles, and you can learn about the process of becoming a landlord to be successful.
To maximize profits, you have to determine a fair rent amount. Using the rental analysis, you can learn what similar properties to yours are charging.
Getting the perfect number is key to making money. A low rent price is not going to help you make passive income. You might not even make enough to keep your new rental business going.
A high rent price sounds great on paper, but not if tenants can't afford it. You want to make the most money without scaring applicants away with your rent price.
Screen Rental Applicants
Tenant relations can get difficult if you fail to find the best people to rent to. This is where tenant screening becomes critical.
Once you have an applicant, get consent to run a background check on them. Screening tenants can provide you with a lot of information regarding past evictions, employment, criminal records, and more.
Without discriminating, you can pick the best tenants that match your rental criteria. A property management company can help you stay compliant as a new landlord.
Professional property managers understand the local, state, and federal laws regarding housing discrimination. They will take you under their wing to ensure you don't fail to follow these laws.
This is just one of the many reasons why a lot of real estate investors choose to outsource their tenant screening process.
Hire a Property Management Company
PMI Terminus is a full-service property management company providing all of the above services and more. We offer a free, no-obligation rental analysis because our work speaks for itself.
We aim to help first-time landlords become successful real estate investors. As long-time residents in the local area, we know all there is to know about the market. As the market changes, you can be sure we are on top of it.
We are your last stop in search of a property management partner you can trust. Contact us today to get started.
