Are you new to the real estate investing world? If you are a new investor and you are hoping to rent out several units, there are some things you must be aware of prior to making your first listing. Successful landlords recognize the amount of work it takes to make a property into a solid investment. Here are five things that all landlords need to know before the make this into their future career.
Landlords do not have set hours
First, being a landlord is not like any other job. You won’t have set hours as you can find yourself dealing with paperwork and rent collection most days, you can end up with an emergency call at 3 in the morning. Landlords do not work regular hours, so you must be able to have a lifestyle that is flexible to change. In many cases, landlords can hope for a quick update and spend several hours doing repairs and visiting with tenants. If you plan to handle maintenance yourself and you want to do the majority of the work, you will find yourself working harder than you have in most professions. You will need to know how to deal with plumbing issues, electrical concerns, HVAC systems, and more. Not only do you need to deal with this, you have to be able to talk to people and collect the rent payments.
Get ready to work
As previously stated, you will need to learn a number of new skills. Landlords that want to control everything themselves normally deal with some type of additional schooling and training to learn HVAC systems and other things. Landlords wear a lot of hats, and many of them can work themselves too hard by not delegating or hiring help.
Know the law
Landlords have multiple legal requirements that need to be met. If you do not know the law, you could struggle to be a successful landlord. You need to know the Fair Housing Laws and make sure you are current with state laws as well.
Handling tenants
Do you have a way with people? Will it be hard for you to collect money from people? If you are timid and avoid confrontation, you will have a difficult learning curve. Renters may seem nice and great on paper, but in person you can face a different story. It pays to know how to deal with people to make sure you are creating successful tenant-owner relationships. Hiring a property management company is a good idea as they can help to handle tenants.
Enjoy owning your income
Lastly, property owners find real estate investing to be quite rewarding. Property managers can enjoy watching their income grow thanks to smart investing and hiring help. There are times when it will be stressful to manage properties, but most people claim it is rewarding work and they enjoy it.
Keyrenter Property Management Alexandria focuses on building successful relationships. We can help new property owners learn how to successfully manage properties. From single family homes, duplexes, condos, and small multifamily units, our experienced team is here to help and support you!