Surveys show there are just shy of 20 million rental properties in the United States. These include condominiums, apartments, and more.
If you're a real estate investor, one of the most exciting moments is finally getting your hands on your first rental property. But what do you do once the paperwork has cleared and the property belongs to you? While this can feel overwhelming, having a set plan can make all the difference.
If you've just nabbed your first investment property and aren't sure what to do next, we're here to help. Read on for a quick overview of the best steps to take with your new property. We'll also look at how to increase your rental income.
Inspections and More
The first step is to see what condition the property is in. In most cases, this will likely have already been handled before you purchased the property.
However, it's still a good idea to have the property inspected again. The inspection for the home could have taken place months or years ago, or it could've been completed quickly and insufficiently to satisfy local laws.
A new inspection can show any budding problems before they become bigger issues. Catching a problem early can save thousands in renovation costs.
Speaking of renovations, you should also look into improving your investment property. Performing basic renovations on areas like the kitchen, restroom, or patio all become excellent selling points. You can use these to market and competitively price your rental property.
Marketing Your Rental Property
Once you have your property set for tenants, it's time to start marketing. The best way to do so is with an online presence.
Physical advertisements are useful locally, such as a for-rent sign or a local banner. But these are only able to reach the people who pass them on a daily basis.
Online advertisements can help you reach all over New York. Crafting a well-made and competitive advertisement will give you a line of interested tenants curious to see your rental property. Do your best to craft and maintain an online posting.
Managing Your Property
With your property in your hands, you may be surprised at how much work there is to handle. Tenant outreach and management, advertisements, maintenance, renovations - how can one person handle that?
The best way is by looking for a property manager. Property managers will handle the day-to-day tasks and keep your property running smoothly. That way, you can set your sights on finding your next investment property and growing your portfolio as a real estate investor.
Becoming a Real Estate Investor
Becoming a real estate investor is more than purchasing a property and letting it sit. You'll need to find tenants, maintain the property, and more. A property manager is a great way to get these tasks handled.
At PMI Paramount, we bring more than two decades of expert experience to the table. Our management team is skilled in tenant management, client outreach, and more. Contact us today to see how we can help your property shine.
