A report suggests that for those entering the property management business for the first time, seeking professional help from a variety of sources can help ensure success.
Falling real estate prices might encourage some would-be investors to consider buying a property at a low cost and offering rooms for rent, but it is best to take advice from a seasoned eye into account, reported the Austin American-Statesman.
The report suggested that before they buy a property, prospective landlords seek the help of a local real estate agent, who can help them identify the best neighborhoods in which to buy and provide valuable tips and information to give landlords a real idea of how much their investment will cost them. An agent can also put a new landlord in touch with critical resources, such as the name of a good contractor or trusty mechanic.
Additionally, a property owner must consider whether they want to manage the building themselves or hire an on-site manager. A manager can perform tenant screening and criminal background checks on behalf of a landlord and also handle day-to-day tasks if required, said the report.
Insurance is also an important consideration for any first-time landlord. Landlordinsurance.net suggests that even seasoned property managers should be sure they have adequate coverage before the winter months set in.