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Property Management Blog
Tips for DIY Landlords in Raleigh, NC
Four andhalf.com - Wednesday, June 28, 2017
If you’re thinking about self-managing your Raleigh rental property, we can provide you with some valuable tips about how to do it and be successful as a landlord. If you’re willing to spend the time, money, and resources on managing your own property, you can certainly do it. Today, we’re focusing on the top three things to think about.
Renting to Friends and Family
First, consider if you’re willing to rent to friends and family. If you’re renting to a friend or family member, think about how that conversation will go the first time they don’t pay rent. If that conversation wouldn’t go well, consider not renting to friends and family or not self-managing. Relationships can get awkward and damaged when you mix rentals with friends.
Be Available and Accessible
You need to be available 24/7. Tenants expect it in this day and age, and you want to keep your tenants happy so they renew their lease at the end of the year. Put the right systems and infrastructure in place so they can reach you 24 hours a day and seven days a week.
You’re Running a Business
Treat your rental property like a business. It starts with a lease. Do not use a boilerplate lease you find on the internet. Talk to an attorney and customize the lease so you’re protected and it covers everything it needs to. Strictly enforce every policy in your lease, and don’t let things go. Become a legal expert and get to know accounting and management. Become an expert in inspecting property and technology. You need to know all of these areas that go into managing a property correctly.
These three things need to be your priority as a DIY property manager. Some other things to consider include:
Be a legal expert. You need to know the federal, state, and local laws pertaining to rental properties.
Prepare your property for the market. A home in great condition will rent to better tenants, and faster.
Lease to the right tenant. Placing the wrong tenant could end in disaster, expenses, and property damage. Pay attention to advertising, pricing, showings, applications, and screening. Have a good lease in place and inspect the property thoroughly, with documentation, before a tenant moves in.
Make it easy for tenants to pay rent. The best way to ensure you get rent paid on time is to make sure tenants have options and can pay easily.
Have a great vendor list. Make sure you can call someone reliable and affordable when things go wrong. Insist that they are licensed and insured.
Balance inspections with privacy. You want to get in the house a few times a year to make sure it looks good and is being maintained, but give your tenants plenty of notice and don’t be a nuisance.
Enforce your lease. Be consistent with following all the terms of your lease so your tenants know what to expect.
Increase rent when appropriate. Analyze the market and know what good tenants are willing to pay for a property like yours.
Document everything. There’s great software available to help you stay organized and efficient.
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