October 3, 2022
If you’re considering getting involved in real estate investment or rental properties, or if you’ve already purchased a property, one of the first things you’ll learn is that while highly rewarding, the role of landlord can be considerably more complicated than many new investors assume. There are countless considerations to be mindful of, many of which you’ll end up learning as you become more familiar with the process. This includes everything from attracting the right tenants and maintaining your property, to legal paperwork, showings, evictions, and a long list of others.
At Gallagher Property Management in Rochester, NY, we thought it would be helpful to share some advice for new landlords and property investors to help them better understand the basics. The following is far from a complete list, but it’s a great starting point for anyone considering renting their home, apartment, townhome, or condominium:
- Get in the habit of requiring detailed rental applications and agreements
- Thoroughly inspect all aspects of your unit before showings and move-ins
- When seeking renters, advertise in forums that will attract qualified tenants
- Friendly tenants are a plus, but never forget to treat your rental as a business
- Before posting listings, take the time needed to research rents in your area
- Always require a credit check, background check, and personal references
- Consider working with a property manager to handle the core responsibilities
As many new landlords discover, managing a rental property can quickly become a full-time job. Hiring a professional property manager can free up enormous amounts of time, while ensuring that everything which needs to get done, gets done. At Gallagher, we provide a comprehensive array of property management services to give landlords more freedom and peace of mind, allowing them to focus on growing their business and real estate portfolio. Get in touch with our team to learn more or schedule an appointment.
Gallagher Property Management is located at 1504 Scottsville Rd in Rochester, NY and can be reached by phone at 585-235-4337 during regular office hours. You can also contact us anytime via email by visiting the secured contact page on our website.