Are you a New Landlord? Here are some tips and ideas!

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Being a landlord can be hard. It’s not an occupation that you can just relax and watch the income move at all points. There will be pleasant times and there will be times when you want to pull your hair out, but conducting the right research from the start and understanding what goes into being a landlord before you even purchase a property, is very useful. Communicate to people that have been in the business for years, research property management companies (even if you don’t plan to recruit one, you can get strategies on what you should be doing to manage the property), read news and blogs on variety of issues to get a better understanding of your new profession.

One of the important things that you should always remember is that this is a profession, not a hobby. If you think it is a hobby that you can participate in when you feel like it or when you’d like to make an extra income, you might want to find another hobby. Research, selling, screening, and managing will take up quite a bit of time. Don’t deceive yourself into thinking that you can disregard a problem if you simply don’t feel like you have enough time. Small problems have a possibility to turn into big, expensive problems if not dealt fast. That faulty sink? Well, if it’s dripping, it might agitate the tenant, but if the leak becomes a balanced stream, it can do some real damage if it overflows onto the floor and to the walls.

Appointing a property manager may be something that you’ll want to look into, depending on how engaged that you’d like to be. Doing this can help relieve some of the stress, but you can’t simply recruit the first one that comes along. Research must be done and interviews conducted. You’ll want to know how they deal with certain problems, what their process is for gathering rent, and if they specialize in a specific type of property management. All this and more is important when you plan  to hire someone to look over your property for you. Bear in mind, if they break the law by discriminating or anything like that, you’ll be held liable.

Being a landlord really does come down to being prepared. You can’t prepare for every situation 100% of the time, of course, but you never want to stop learning and searching new options on how to make your craft better, just as you would in any other profession.

We are Frisco, TX home specialists. If you have any questions about real estate in Frisco, or any neighboring DFW communities, please fill out our contact form, or call 469-556-2393 for assistance.

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Nick Walton
JP And Associates REALTORS