So You Want to be a Landlord?
Before you place that “For Rent” sign in the front yard, are you sure you know what you’re getting into? Is it priced right? Are you familiar with all applicable San Antonio property management laws? Do you have the time required to be a landlord? Here are some issues you might want to consider prior to placing that sign.
Will You Be Available at 2am for Emergency Call?
If there’s an emergency with the property such as a fire, toilet backing up or a leaking roof, are you in a position to take immediate action? If you don’t live nearby, it may be difficult to keep an eye on the property to ensure it’s kept in good condition. This is yet another reason why it’s a good idea to work with a San Antonio property manager who can help look after your rental investment
Do You Know How to Complete a CMA?
Just as you perform due diligence on a property and its condition, you should do your homework on the neighborhood rental market value (CMA). Will there be a steady stream of potential tenants? Will the market support the level of rental income you need to cover debt service, taxes, insurance, and maintenance? If you’re unsure about the ups and downs of the market for a rental property or what the fair market rent is, talk to a Pyramis Company REALTOR® who is familiar with the area.
Insurance, There Is a Difference
Do I insure the contents? What about liability issues? The insurance coverage you need as a landlord is different than what you have as an owner occupant. Landlord insurance can protect you and your investment property from loss of income in the event that the property becomes uninhabitable, like in the aftermath of a fire or flood.
Working With Tenants
Successful property managers find good tenants and retain them so both owner and tenant are content. If you’d rather not take on tasks like addressing complaints or maintenance issues, you’ll need to hire a property manager. Pyramis Company REALTORS specialize in property management and can take care of related duties including handling leases, managing funds and screening applicants. I recommend working with a Pyramis Company Certified Property Manager (CPM®) who is knowledgeable about San Antonio and Texas state.
Professionals For Needed Repairs
As a landlord, you will be responsible for the routine maintenance and emergency repairs for your rental property. What about annual preventative maintenance work? Are you well-versed in HVAC systems and San Antonio’s plumbing and electric codes? You will need phone numbers for reliable repairmen. Pyramis Company property managers will be able to recommend professionals who can help.
Bottom Line, Get Advice from a Pyramis Company Professional
Locating a property to rent out, presents challenges that differ from just buying a house for you and your family. I recommend that you use the services of Pyramis Company with a background in property management. We will be able to help you through the process, from deciding if it’s appropriate for you to become a landlord to finding properties that best fit your search criteria.