If you're joining the ranks of the other 22 million landlords in the US, you need to equip yourself with the necessary skills and knowledge.
Being a first-time landlord can be overwhelming. Whether you've purchased a turnkey rental or you're flipping a cheap house into a lucrative rental, it's always going to be an uphill battle. There are things that you learn on the job, but there are things you can figure out before you start as a landlord.
In today's post, we'll give you some essential tips for first-time landlords in Lynchburg, VA. Keep reading and you'll have important insights into rental analysis and other key aspects of property management.
Perform a Rental Analysis
It's so important to perform the necessary market research to determine an appropriate rental price. The average rent price in Lynchburg is just under $1,300 per month, but numerous factors might put your rental higher or lower.
The best thing to do is look at other similar properties of a similar size in your neighborhood. Pricing your unit too low will leave money on the table and pricing it too high will scare off perfectly qualified tenants from applying.
Invest in Property Marketing
When you're ready, it's good practice to invest in property marketing. The more people that see your rental listing, the wider the net of applicants you'll get. Having more applicants is always better because it gives you options.
Write a detailed description of your property and take plenty of professional photographs. List it on various rental listing sites and use things like SEO and social media to put it in front of even more potential renters.
Screen Your Tenants
Getting a wide variety of applicants is great, but you'll need to use thorough tenant screening practices to find the ideal tenant. This involves performing criminal background checks, credit checks, and contacting former landlords.
The more information you can garner about a tenant, the better. Failing to screen your tenants could result in serious issues that could end in eviction. Evictions are a massive source of stress for first-time landlords and screening is a great way to avoid them.
Do Regular Property Maintenance
Rental properties go through an excessive amount of wear and tear in comparison to owner-occupied homes. If you want your rental property to hold its value long-term, it's in your best interest to inspect the property regularly and perform maintenance.
The electrical, HVAC, and plumbing are the most important things to keep an eye on. Make sure you have contractors you trust performing this work so you have peace of mind regarding your investment.
Get Help with Landlord Duties
There's a big learning curve when you're a first-time landlord. You can make your life a lot easier by hiring a qualified property manager. These services can help with everything from rental analysis to eviction protection.
At PMI Lynchburg, we offer a wide range of services to help Lynchburg's rental property owners manage their investments. Contact us today to learn more about how we can help you on your landlord journey.