Important Tips for New Landlords

In case you are a fresh landlord, just starting out in this business, things may seem quite challenging. Finding tenants, checking their background, filling out rental agreements, collecting the rent online/offline, reading the landlord tenant law nyc…there are plenty of things you need to do and you will benefit greatly of the following helpful information.

View your rental property as business– even though your rental property management may not be your main job, you should still regard it as one. Your rental property is an important source of income, and for things to go smoothly you need to view it as a business. Keep it professional with your tenants, and follow closely your finances. Before the renter moves in, it is important to run a screening. Also, in order to avoid potential legal issues, you must follow closely all state laws.

If you do not have the time or the energy/skills to manage your rental business properly, ensure to hire a property manager. This step is definitely a very important and beneficial one, especially if you want to shift some of the responsibilities to a third party. The property manager will become your main person of trust, and he will take care of issues such as marketing your property on your behalf, collecting the rent and of course dealing with tenant related issues when problems arise. Your property manager should be well aware of the current landlord tenant law nyc

Set a fair market price for the rent– it is extremely important to set the price right. Invest quality time into research and see what prices are generally charged in your area, and also compare similar rental properties and costs. You want to attract good tenants, so you cannot overprice or underprice your rental. Carefully comparing rental income to rental expenses is also important. Property taxes, insurance, potential mortgage payments…these are all costs that you will need to pay from the rental income and from your pocket. These are the fixed expenses, but there are also the variable ones that include any repairs, utilities, future property improvements, etc. Seeing how the rent cost will directly affect your monthly income is primordial.