Have you just joined the ranks of 20,000 licensed landlords in Denver?
Buying your first rental property is a huge achievement and one that'll have reverberating effects on your investment strategy moving forward. When you take your duties seriously, you can enjoy a stable investment that pays dividends now and for years to come. There's always an adjustment period for first-time landlords, however, which is why we're here today.
In this post, we'll help you navigate those first few steps as a real estate investor. Keep reading and take these post-purchase property tips to heart for continued success with growing your portfolio.
Get the Property Ready
After you've purchased your property, you'll need to spend some time getting it ready to rent out. Very few properties are turnkey, so you'll likely need to perform inspections, make renovations, and/or perform maintenance.
One of the things you'll want to think about before you market your rental is your ROI. Ideally, you'll have performed a thorough rental valuation before investing in the property. That should've given you a sense of how much rent you'll be able to charge to maximize your income.
The best way to boost this income is to convert a single-family home into multiple dwellings. If you've got the time and resources, this will be a worthwhile investment. Once you've got a tenant in the property, it'll become a much harder undertaking.
Market Your Rental
When your property is ready to rent out, you'll need to market it to find the right tenant fit. Create a rental listing by thoroughly describing the property and detailing the local amenities your prospective tenant will have access to. Complete the listing with photos to showcase the rental in the best light.
List the property on the rental sites of your choosing. If need be, you can use SEO and paid ads to get even more eyes on the property, gearing it toward your ideal type of tenant.
Screen Your Tenants
Your marketing efforts should give you a long list of applicants. From there, you'll need to screen them to single out the best candidate. Tenant screening involves looking into an applicant's financial and criminal history.
If there is anything concerning, such as poor credit or ongoing legal issues, you can eliminate that candidate. Meet the top candidates and choose the one that best suits your rental.
Create a Maintenance Plan
Getting a great tenant is important. Once they're in your property, however, you need to understand your role as landlord. It's your legal responsibility to care for your property while giving your tenant their privacy.
Promptly respond to maintenance requests and perform regular inspections to detect any issues. The more proactive you are about maintenance, the happier your tenant will be. When tenants are happy, they stay put in rentals and keep ROI high.
Become an Excellent Real Estate Investor with Property Management
Being a real estate investor is straightforward. Being a landlord is not. There's no denying that landlord duties can be all-consuming, which is why so many landlords hire property management to help.
At PMI Cedarboldt, we're Denver's top property management team. We can give you Denver real estate guidance and the rental property management advice you need to thrive. Contact us today to learn more about our investment property strategies.
