According to Census Bureau data, roughly 80% of all single-family rentals are owned by mom-and-pop landlords. These properties house anywhere from one to nine renters at once.
If you've recently purchased a rental property, then it's important to protect your investment and rent it out the right way. This means going further than just finding someone who needs a room and has the money to rent it.
Here's what you should do next as a real estate investor with your first property in Biloxi, MS.
Tenant Screening
One of the first things you'll want to figure out is how you plan to do your tenant screening. It's an important task if you want to protect your investment, as you'll be leaving your property to potential strangers for long periods of time.
Anything you can do to know more about these renters will help relieve that stress and minimize your risk. Failing to properly vet a renter could mean facing an eviction, which will mean a significant loss of income.
Property Marketing
Another aspect to consider is how you plan to attract new tenants to your property. There are multiple ways to accomplish this, ranging from listing your property in the newspaper to advertising it on social media.
How you go about it will affect both the demographic of your renters as well as how quickly you find them. At the very least, you'll want to place your property in a rental listing online.
Property Maintenance
Next, you'll want to figure out how your inspection and maintenance routine. It's the landlord's responsibility to take care of issues with utilities and public areas. This includes plumbing, walkways, outdoor lighting, and HVAC systems.
You should have some professionals lined up in case of a plumbing or pest-related emergency. It wouldn't be wise to call up a service that you've never used before. If they do a bad job, then you're the one responsible for fixing it.
Property maintenance also includes inspections. You should make sure to inspect your property at least a few times a year.
Property Management
The best way to deal with your rental property is with the help of a property manager. These individuals take care of your investment while you focus on other parts of your life. They're especially helpful as you increase your investment portfolio to the point where you can't handle all of your tenants alone.
It's best to find a property management company that can scale with your ownership if you plan to buy more properties in the future.
Became a Successful Real Estate Investor
A new real estate investor who intends to rent out their property should do their due diligence in researching how exactly to do so. Becoming a landlord is a big responsibility and can land you in legal trouble if you're not careful.
PMI Biloxi has your back if you're in need of either residential or commercial property management. Our office is locally owned, but the overall franchise has over 20 years of experience. Reach out today to learn more and to get a free rental analysis.
