Are you aware that around 36% of Americans are renters rather than property owners?
With such a large market, becoming a landlord could be the smartest career move you make. From buying a single-family home to a building with dozens of units, there are all kinds of benefits that you can reap.
Although landlords in San Diego county can make great money, the job requires a unique set of skills. If you're thinking about becoming a landlord, keep reading to learn the top five tips that will help you excel in this position.
1. Do Research on Prices for Rental Properties
One of the best landlord tips out there is to do your research before you choose a rent price for your tenants. You need to understand the value of properties in San Diego county and adjust according to the amenities you offer.
Finding rental units that are most similar to yours will give you an accurate price range. If you go too high or low, then you could end up with bigger problems down the line.
2. Invest in Marketing Your Available Units
If you own a single-family home in San Diego, then you only have to worry about marketing when you receive notice that your tenants are moving out. Larger buildings that could have several vacancies at any time require non-stop marketing efforts.
Landlords who neglect to market properly could lose lots of money due to vacancies.
3. Landlords Need to Screen Potential Tenants Carefully
The urge to fill vacancies as soon as possible may be strong, but you should never rush through the screening process. Learning about each applicant's income, credit score, rental history, recommendations, and more will allow you to determine who is suitable to live in your unit.
If you end up with a bad tenant, all kinds of issues like late or missing rent payments and property damage could occur.
4. Stay on Top of Repairs
First-time landlords should never underestimate the importance of addressing repairs in a timely manner. Keeping your tenants happy will help you build a positive reputation in your community.
Some repairs are considered emergencies as well. If your tenants have to live without essentials like water or air conditioning for too long, then you're breaking the law and could face a big lawsuit.
5. Consider Hiring a Property Management Company
The most successful landlords are the ones who work smarter instead of harder. Hiring a property management company can offset all kinds of stressful chores for a fair price.
With flexible plans, you can be in control of what you'd like to outsource so you can spend your time and energy how you want.
This Landlord Advice Will Help You Succeed
Landlords may have a ton of responsibilities, but preparing yourself for this job will help you thrive. After reading these tips, you should be ready to take on this new position with confidence.
Are you interested in teaming up with a property management company in the San Diego area? Contact us to learn how our services can benefit your business.