Renting a property seems like an easy method to earn a passive income. Most house-owners know how difficult it is in reality. If you are one of those people, read the following tips to find how to manage a property in Queens relatively easily.
It is not as easy as it seems
Whether you are a first-time property owner or have some experience in the real estate arena, it is not an easy task. It may take some time to understand the nitty-gritty in every city region. You are in the right direction if you have decided to rent out your property in Queens, as this will get you more returns than most other investments.
How much rent can you charge?
You must know the rate of rents in the area before deciding to advertise the same. Choose the rent amount carefully. Higher rent means the property may lie vacant longer, and you may lose money as in very low rent. Compare the rents of similar properties and decide the amount that suits you.
Let the future tenants know about the property.
You must advertise the property with some flattering pictures and the amenities available to attract more people. A coat of fresh paint, clean carpets, and clean walls will make the house look brighter. Remove all broken things and replace the nonworking gadgets and devices. Repair whatever you can, replace the rest, and voila, your house will attract more tenants.
Be professional
This is critical, as many owners are friendlier with their tenants, which may not end well for them. It may still work in small twins, but New York City is different. You must not lease the house to any friends and don’t be too friendly with the tenants. Do not forget the background check of the tenants. You must check their credit score and can even hire a property manager to do a thorough check on their history.
Execute proper lease agreement
The security deposit is very important even if it is low, though it is usually two months’ rent. Execute a legal contract for renting the property and keep the records. Don’t agree to verbal agreements and cash payments. You must have records of every transaction and conversation with them. Keep their pictures and applications for tenancy in the record too. Keep the apartment pictures before they move in, as it will help you when they move out.
If you are not familiar with the lease agreement, you must hire a property lawyer to check or prepare one. A lawyer will check each point carefully and will not miss any. This will ensure that your rights as the owner are protected, and you can sleep peacefully.
Collecting rent
Decide on a mutually agreeable rent collection process. It can be check payments, bank deposits, or other online payment methods. It is easier than collecting the rent personally or using mail. Digital payments also have records and are easy to maintain too. Decide the period of rent payment, monthly being the most common frequency, and the due date before you can take action.
Building insurance
You must ensure the property against fire, floods, and accidents. Tenants may also take another insurance to protect their stuff in the house. You must be clear about the additional expenses and who pays what. The annual taxes and ongoing maintenance may be your responsibility, while the tenant may also pay the monthly bills.
The owner needs to sort out the ongoing issues.
Whether new or old, every landlord faces issues related to property maintenance. The devices need repairs; AC, heating system, and pipes act up. It is impossible that everything will always work, so be ready to tackle these repairs when tenants reach out to you with their repair requests. Have a team on hand to call in an emergency with the important numbers, and you can share them with the tenant. This is very useful if you are not in town and need some repair in the middle of the night.
Understand your responsibilities as a property- owner
Understand Fair Housing Act and the local regulations. There may be area-specific rules in place; the building may have stricter rules about having parties late in the night or about subletting the house. You cannot discriminate against any future tenant based on their gender, race, or sexual orientation and treat everyone equally.
The great idea is to hire a property manager.
As you can see, it is not an easy process to manage a property, especially if you have a full-time job and other family responsibilities. It will be easy if you hire a real estate management agency. Today’s agencies take care of the property from the time you hand over the responsibility to them. They will advertise the property, screen tenants, and complete all the formalities. In addition, they also keep the financial records properly and take care of the maintenance too.
Conclusion
Being a property owner is a blessing and a good investment. But it is not eBay to manage it. With these tips, you may find the task easier. You need to be careful and patient at every step, and soon you will be able to enjoy the profits. In the meantime, think of a good property management service if you find the task too daunting.