The journey into real estate investment is a thrilling one, filled with opportunities and challenges alike. Now that you've jumped into the Kansas City property market, it's time to turn your attention to the pivotal question of what steps to take to ensure a successful and rewarding venture.
Luckily, we can help. Check out these top tips for first-time real estate investors in Kansas City.
Invest in Property Management
Especially if you're new to property ownership, you'll probably want to bring in a property management company to help you get set up. They can give you the tips that first-time landlords need.
Research and choose a reputable property management company in Kansas City. Look for companies with a good track record and positive reviews. They also need to have experience managing properties similar to yours.
Talk about your expectations with your property management company. Discuss the frequency and method of communication, reporting procedures, and any specific preferences you have regarding the management of your property.
Property management companies handle day-to-day operations like property maintenance. But it's still important to stay involved in major decisions. Stay aware of the overall performance of your investment. Regularly communicate with the property management team and stay informed about market trends.
Pay Attention to Property Marketing and Advertising
Next, you'll need to get the word out about your rental property.
Identify your target tenant demographic. Tailor your marketing strategy based on that info. That's true whether it's students, professionals, families, or a specific niche.
Research the Kansas City rental market to determine a competitive and fair rental rate for your property. A well-priced rental is more likely to attract quality tenants.
Leverage online platforms to advertise your property. Use popular rental listing websites, social media, and online classifieds to reach a broader audience. Include high-quality photos and detailed property descriptions.
Find The Right Tenants
It can be tricky to find good tenants who plan to stay for the long term. Make sure you screen potential tenants very carefully to see if there are any red flags. Some property management companies will be able to help you with your tenant screening processes.
Define clear criteria for selecting tenants. This may include a minimum credit score, income requirements, and a positive rental history. Adhere to fair housing laws to avoid discrimination.
Conduct open houses or individual showings to allow potential tenants to view the property. This gives you an opportunity to meet them, answer questions, and assess their level of interest.
Contact the applicant's references, including previous landlords and employers. This helps verify the information provided in the application. It can also give you a better understanding of their background and reliability.
Use These Tips for Real Estate Investors in Kansas City Today
As a new real estate investor in Kansas City, there's a lot to know. By making sure you have property management support, tenant policies, and advertising, you'll be able to start yourself off right.
Do you want more support? PMI Fountain City's team, led by Matt Van Boening, can help you get set up right. Contact us today.
