What's Next After Buying Your First Rental Property?

What's Next After Buying Your First Rental Property?

Real estate rentals are one of the best first-time investments for new investors. Vacancies fill up quickly. You also enjoy a steady stream of income that covers expenses.

However, you still want a good profit margin. Your next step after buying a rental property is to build a strategy for success.

Striking out on your own is a big risk as a real estate, especially if you plan on adding more properties to your properties.

Check out this post to discover the guidance you need to build a thriving real estate business.

Partner With a Reputable Property Management Company

If you're still looking for your first rental property, consider buying it through a full-service property management company like Team Mile High PMI. This way, you can buy, market, and sell your properties through the same avenue.

You also enjoy experienced property managers who are well-versed in everything from lease renewals to marketing. It takes a lot of work to rent out one property alone.

You need the following services for the entire process:

  • Property purchasing
  • Maintenance and repairs
  • Tenant procurement
  • Tenant applications
  • Leasing contracts
  • Rent collection platforms
  • Digital tenant portals

Property managers also list properties for rent. You can't do this without curb appeal, open houses, copywriting, listing submission, and internet marketing.

Invest In Proper Tenant Screening

One of the biggest pitfalls for any real estate investor is not prioritizing tenant screening. It's not enough to just meet a prospective tenant. You must run a thorough background check before consideration.

When you begin this process, you may be tempted to use an online background check service. These sites don't yield accurate information. You would need to check information databases individually and conduct one-on-one interviews.

Property management companies cover all aspects of tenant procurement, from screening to leasing contracts.

Think About Your Ideal Tenant

It's smart to have a plan of action ready before buying your first property. Property expenses pile up. You won't have to deal with a long vacancy period after purchase.

Create a detailed profile of what you want (and don't want) in a tenant. An experienced property manager will keep you in the loop, providing details of the best leads. Property management companies also handle the application process, allowing leads to apply online and in person.

Rent collection is a cornerstone of any rental property business. Your property management company should make it easy for tenants to pay rent. This includes paying rent online via check, credit card, and automatic payments.

Property managers will also ensure that every lead is capable of paying rent in full (and on time.)

Every Real Estate Investor Needs Quality Maintenance

Investors should make maintenance a part of the marketing process. You need excellent maintenance to keep up curb appeal. Curb appeal is necessary for walk-in inquiries, real estate photos, and tenant experience.

Take Your Next Steps

Take your time to find the right property in the right location. Invest in finding ideal tenants by working with a trusted property management company like Team PMI Mile High.

Contact us today to learn more about your options as a real estate investor.