Managing your own Charlotte rental property is possible if you’re willing to invest the time, money, and other resources. The following tips can help you be a successful landlord if you decide that you want to do it on your own.
Friends and Family Members as TenantsRenting to friends and family members can present complications. You’ll need to be prepared for awkward conversations if they don’t pay rent, or they make unreasonable repair requests. If you want to rent to friends, a property manager can provide a professional and neutral buffer. Renting to friends and family while you’re self-managing can put those relationships at risk.
Constant AvailabilityYour tenants will expect you to be available 24 hours a day and 7 days a week. It’s important to be responsive to your tenants so they stay in your property longer. Make sure they have a way to reach you and be prepared to respond to emergencies late at night or during your weekends.
Treat Your Property Like a BusinessYour goal is to earn money off your rental property, so make sure you’re treating it like a business. You need a strong lease that’s legally compliant and protects you and your property. Once the lease is in place, be consistent about enforcing it. Get to know the laws and be detailed with your documentation and your bookkeeping. You need to understand everything from inspections to how to return a security deposit. Make sure you educate yourself and take it seriously.
Other Things to ConsiderOther things DIY landlords need to consider include:
- Legal expertise. Get to know all the laws on a local, state, and federal level that concern your property.
- Make your property rent-ready. A home that shows well will attract better tenants and higher rents.
- Place good tenants. Renting to the wrong tenant can cost you money and cause a lot of headaches. Be intentional with your marketing, showing, application processing, and leasing.
- Collect rent on time. Give your tenants plenty of ways to pay rent. Let them pay online or in person; it’s the best way to ensure you get paid promptly.
- Hire good vendors. You need to have people ready to help if something goes wrong. Use qualified, insured, and licensed vendors to protect yourself, your tenant, and your property.
- Conduct reasonable inspections. Visit the property a few times every year, but make sure you give your tenants notice in writing. You want to respect their privacy.
- Follow the lease. Enforce the terms of your lease and be consistent.
- Raise the rent. Learn how to analyze the market so you know when it’s appropriate to raise the rent.
- Stay organized. Document everything that pertains to your property. Consider investing in software to help you manage your home better.