.jpg)
As one of the 45% of landlords who manage their own properties, you need to be ready to deal with many issues as you enter the world of renting out. It can be daunting, with many different aspects of being a property manager that are new to many people.
If only there were some kind of first-time landlord checklist you could use to get the basics done.
This article does just that, so use the following as a set of items for you to run through in your process. By the end, you should have the majority of things done to rent out your property in the Kansas City area. Bear in mind, though, that this list is not exhaustive.
Research Your Responsibilities
One of the most important steps when learning how to become a landlord is to ensure you understand all the laws you need to follow. You will have several obligations, including ensuring the locations are habitable and in a good state of repair.
Despite your responsibilities, you also need to ensure tenants' privacy is respected at all times. Your lease should make it clear how much notice you need to give someone before a rental property inspection, for example.
Market Your Property
When renting out a location, create a property listing that shows off the main reasons why someone might want to investigate it. This should include where the building is situated and how many of each room it has.
Make sure to promote this listing both on and offline, using listing websites and local classified adverts. You can even use signage outside the building itself.
Screen Your Tenants
You need to ensure you engage in tenant screening before you rent out the abode.
This is one of the most effective steps when considering how to find good tenants. It allows you to check the background of anyone who you might want to end up in a contract with and ensures you find red flags early.
Handle the Finances Well
Set up an effective and timely method of collecting rent. This could be through online platforms, electronic transfers, or physical checks. Also, make sure you follow up if rent does not come in on time.
You should have a good handle on the finances of your property management as a whole, not only rent collection. Hire an accountant if necessary, or a professional property management company if it is too much hassle.
After the First-Time Landlord Checklist
The first-time landlord checklist above should only be the start of the process. You are going to need to keep on top of everything as you continue to rent out, and this could only become more of a burden as your portfolio grows. So, why not find someone who can help you out in that regard?
We act as managers for landlords who want to focus on the areas they are best at while we handle the rest.
If you want to learn more and find out how we can make your life easier, send us a message today.
