Real Estate Tips: How To Manage Your Properties in Concord The Right Way

Rental properties can be challenging to manage, especially for first-timers. You have the option of managing a rental property yourself or having a property manager handle the job. Both options have their advantages and disadvantages, so you should be prepared to do the right way of managing whichever option you choose. Whether you have rental properties in Concord or any other city in the United States, some tips can be applied for effectively managing them. Some of those are shared here, so read along to get some excellent ideas.

Purchase and Remodel

Repairing or remodeling your property is one of the vital steps in managing it to be ready for renting. Even if you shift from a homeowner to a landlord or landlady, the importance of an attractive and functional property remains the same. The only difference is that tenants will be the ones you are going to attract with your rental property. Thus, repairing or remodeling is essential, whether they choose to live in their property or set it up as a rental unit. 

What about those owning several houses, apartments, or condominium units? Hiring a real property manager or company is ideal for real estate owners owning multiple units or those who plan to buy more than one property. They have the training and expertise in managing rental properties, including the acquisition and remodeling aspects. First impressions are important, so they make the best sales pitch to your prospective tenants by showing them around your rental property. Coordinate with them regarding the availability of units and which ones are ready for occupancy. That way, both of you are on the same boat when offering and showing rental units to potential tenants.

Advertise Your Property

Once your property is ready to be rented, it will become part of the numerous available properties for rent in your area. Make it stand out from the rest by thinking of an effective advertising strategy. It is no longer enough to put a “For Rent” sign on your yard these days. You have to be proactive and use available resources online, such as placing an ad on Craigslist or posting on Zillow, Facebook, or other sites that can help spread awareness of your rental property. Social media can be a powerful tool you can use to attract potential tenants with your locality or from nearby towns or cities. Use distinct qualities and selling points in your area to draw the interest of searchers. For example, Concord is a city with superb rental property rates, which can be $50 to $75 lower than the national average rent. Cite this trivia to draw in interested rental property hunters from neighboring states.

Screen Applications

One common misconception by first-time landlords or landladies is that interested parties do not need to be screened. A first-come, first-served arrangement may speed up the rental process and get the cash flow started, but property owners should also think of the long-term outcomes of their decisions. Not all applicants who can readily shell out the needed advance payments are reliable and trustworthy. Some may start as good payers during the first few months and become delinquent payers or problematic tenants later. Others may pay on time but are not responsible tenants and may damage your rental property in the long run. To avoid these potential drawbacks, think of ways you can screen applicants. Aside from checking the completeness of the information they provide, conducting a casual interview or simply asking them questions can give an idea of what type of tenants they will turn out to be. Credit and background checks can also be included, but you can skip them until you have several rental properties under your management. However, check with the references they indicate in the application to determine if they are the best tenants for your property.

Follow Fair Housing Laws

Under the federal Fair Housing Act and the New Hampshire Law Against Discrimination, it is illegal to discriminate in the rental, sale, or financing of housing based on someone's race, color, national origin, religion, sex, familial status, disability, age, sexual orientation, marital status, or gender identity.

Manage Your Finances

Having a rental property can be an exciting endeavor once you see the cash rolling in. It can be tempting to buy new stuff for yourself or elevate your lifestyle when you know that you are receiving regular profits. While it is not wrong to pamper yourself once in a while, you also have to keep in mind the possible expenses you need to keep your rental property in tip-top shape. There may be repairs that will suddenly spring up or unexpectedly long periods of vacancy. These things need your attention and you need to have money set aside for them. Learn to have separate savings accounts for personal use and business.

Find Excellent Contractors

Your rental property will undergo wear and tear over the years, and there can also be damages that can happen as tenants come and go. With this, you need a reliable contractor to handle different kinds of repairs. Find a contractor or several contractors with excellent rates and workmanship and establish a great relationship with them. It will be more convenient to handle repairs in the future.

Managing your properties can entail a lot of work. However, with a systematic approach, you can handle and oversee the growth of your real estate venture. Keep a mindset that continues to learn and make every day a learning experience. Take things slowly and one step at a time, and you will become an excellent property manager in your own right.