Becoming a landlord is tantalizing, especially when you see some of the success stories. Landlords like Michael Albaum are making $400,000 a year doing nothing but managing their own properties.
Still, even Mr. Albaum admits it was daunting when he started out. Being a landlord is stressful, expensive, and doesn't come with a guidebook on how to do things like a rental analysis. Whether you're an accidental landlord or a brand new property owner, what are some things you should keep in mind?
Today, we take a quick look at the most important things to know as a first-timer in Albany, NY.
Do a Proper Rental Analysis
New York has long held the record for having some of the highest rent prices. On average, a person pays about $5,600 to live in a Big Apple rental property, though properties in the rest of the state fetch a premium, too. There is a ton of money to be made, especially if you know your competition.
Competitive renting isn't just about pricing, it's also about finding ways to attract tenants. A rental analysis gives you an honest overview of the property, its earning potential, and ways to make it more tantalizing.
Respond to Maintenance Requests on Time
A common complaint from tenants is that landlords are often flaky with maintenance requests. This leads to a decline in landlord-tenant relations. Plus, it can lead to ever-increasing damage and a reduction in your property's earning potential.
Responding to maintenance requests keeps the good tenants around for longer. It also keeps you on top of issues that are cheaper to repair now rather than later.
Enforce the Lease
The lease should be the word of God, but many tenants think they can pull a fast one on you. It's common, for example, for tenants to hide a pet even if there's a no-pet policy. They might be doing a lot of no-no things: smoking on the property, using illicit drugs, and so on.
It's key that you always enforce the lease regardless of the situation. This creates a clear understanding of your expectations and prevents misbehavior. Don't fall victim to tenants who try to sweet-talk you into letting them bend the rules.
Be a Good Landlord
At the end of the day, your tenants are your customers. They deserve the best customer service possible, whether it's you handling them or your property management services. Treating them well makes it likely they'll treat the place well and pay rent on time, among other things.
Improve Your Landlord Skills with PMI
Being a good first-time landlord starts with conducting rental analyses and responding to maintenance requests. Always be sure to enforce the lease, even if tenants try to pull a fast one on you. Whatever the case, do try to be a good landlord; it makes tenants happy, which in turn makes you happy.
PMI Capital District is Albany's leading property management service provider. We bring the best technology to the table and experts with more than 20 years of real estate experience. Join our happy landlord family by getting a free rental analysis.
