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Taking the plunge into the real estate market is not a decision to take lightly. Not only is it an investment of your money, but it’s an investment of your time and resources as well. Many people make the mistake of investing in real estate on a whim, thinking of it almost like a get-rich-quick scheme. The reality is that it requires significant effort to be a landlord with an active property portfolio.
But we’re not here to discourage you. We want to help you make an informed decision by providing you with all the facts. If you’re interested in investing in real estate, read on! We’re going to look at what it actually takes to own a rental property.
1. Maintaining Habitability
The first and most important responsibility of a landlord is to ensure the space is habitable. In other words, your rental space should meet or exceed the basic standards of living. Does the space have running water and electricity? Does it have a working toilet and shower? Is it properly ventilated for heating and air conditioning? Is it up to all safety standards and building codes? Consider these questions before your first tenant moves in, and revisit this list before each subsequent tenant. Repairs are often a necessary part of the job.
2. Marketing & Advertising
A rental space is not useful or profitable if people don’t know about it. Marketing and advertising are essential parts of being a landlord, but it takes time and money to put yourself out there. Be sure you’re willing to put in the effort, or enlist someone to do the heavy lifting for you.
3. Tenant Screening
Before you can let a tenant into your space, there’s lots of paperwork to complete. Background checks, credit checks, and other screening criteria are important to your physical and financial security. You’ll also need to draft an agreement outlining all the details of the lease. You may need to seek legal advice to ensure ll your bases are covered.
4. Cosmetic & Property Maintenance
Even if it’s not mandated by law, you may want to spruce up your property. From landscaping to interior design, every bit of time and effort goes into making your rental space more marketable. In some cases, depending on the state of your property, this may be more of a requirement to keep up with local competition. No one wants to live in a shabby, run-down space.
Talley Properties Can Lighten the Load
Owning a rental property can be a lot of work, but you don’t have to do it alone. Talley Properties has been Charlotte’s best property manager for over 40 years. We offer clients a range of services to make managing their portfolio easier. Contact us today to learn more!