• carolpesce

I am a New Landlord - Now What?

You did it, you made the decision to become a landlord!

After you sign the Property Management Agreement you may be wondering what will happen next.

New landlords typically don’t know what is involved in Property Management and do not know what to expect in their role as the owner of the property. If your Property Manager has provided you with an Owner’s Handbook it will help you navigate through your new role as a landlord.

The first step after signing the PMA is to get your property rent ready and take care of a list of items that need to be completed before marketing the property. Your Property Manager should have a list that will help you with this. The next step will be marketing your property. There are a lot of details involved with marketing, including taking photos and videos to post on the internet. A question to ask your Property Manager is “How do you market my property and what websites will it be posted on?” The application and screening processes are next. This process needs to be handled by a leasing expert and the screening process should be followed for every application. Find out what your Property Management Company’s screening process is and make sure they are knowledgeable about and following the Fair Housing Laws. Denying applicants has the potential for them to take legal action if the screening process is not done correctly. Once a tenant is placed, do you know how rent is collected and how your management company processes maintenance requests? What happens if a tenant has an after-hours emergency? How do you access your records and reports? Does your Management Company have an Owner Portal, and have they explained how to read your monthly statement?

Once all of these are in place, your job should be to relax and trust your manager to do the rest.

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