An investment rental property will require both time and money. Yet, if properly managed, you could see significant returns on your investment while also being able to spend your time as you choose. However, if you still think that DIY is for you, then consider the following.
Prospective Residents
You will need to plan to spend a significant amount of time to locate a quality and qualified prospective tenant for your rental property. You will need to do the following:
- Place rental ads
- Be available for showings of your property
- Waste time with appointment no-shows
- Spend time after hours/weekends until your rental house is leased
This can be a long and costly process, yet with a quality Raleigh property management company, these aspects can be handled for you by experienced professionals.
Tenant Applications
You must check the following for each tenant applicant above the age of 18:
- Credit report
- Background check
- Sex offender lists
- Rental history
The above will require both time and money but are required for you to be responsible not only for your rental property but also for the surrounding neighbors. Also, be sure that you review and understand the Federal Fair Housing Act, as well as local and state ordinances and statutes to ensure you are compliant.
Regular Maintenance
Your tenants will have regular requests for repair/maintenance as part of normal wear and tear on a house. You must also do regular maintenance for larger appliances such as heaters or air conditioning units. Decide whether you can take care of the maintenance yourself or whether you need to hire a professional. After reviewing the costs and time requirements of maintenance and repairs, you may wish to consider the benefits of a Raleigh property management company.
Would you like to know more about our Raleigh property management services? Please contact us online or call us at (919) 827-1107 for more information.