The idea of having a turnkey property generating income every month is incredibly alluring to most homeowners, which is why many people decide to become landlords. However, being responsible for multiple properties can be incredibly challenging, so it is important to be aware of common issues beforehand. Here are three things you should know before becoming a landlord, and how a rental property management company can help. 

Advice for Prospective Landlords

1. Tenant Screening Is Crucial

While renting to some individuals is easy and convenient, other tenants can cause a long list of problems, including property damage, late payments, and even domestic disturbances. Fortunately, you can minimize your risks by carefully vetting tenants beforehand. In addition to talking with potential renters about their prior experiences renting, you can also use background and credit checks to look for financial problems or run-ins with the law. Keep in mind that the Fair Housing Act prohibits discriminating against tenants based on criteria like race, religion, sex, disability status, or national origin. 

2. Communication Is Essential 

When you are a landlord, your tenants will be relying on you to help them with the property from time to time. In addition to answering questions about the property, they may also need to consult you regarding the rules about using the home, parking spaces, or appliances. Keeping an open line of communication with tenants can help to improve their experience and yours. 

3. Rental Property Management Companies Can Help

Because having an income property can be so time intensive, many landlords choose to use rental property management teams to take on some of the burden. These teams will help advertise for and fill vacancies, dispatch repair professionals, and even get the property back on the market when someone moves out. 

If you are a new landlord who could use a little help, the team at Galvin Realty Group can streamline the income property ownership experience. From helping you to list and market your property to collecting rent and handling tenant concerns, their professional rental property management team can help you to kick back and enjoy being a landlord again. For more information about becoming a landlord, visit their website, or give them a call at (585) 546-1290 today.