If you are a brand-new, Millennial property owner, welcome to the club. An NAR report suggests that as many as 43% of homebuyers are millennials - the largest group of all generations.
It's a stressful, even scary experience being a first-time real estate investor. Even as you get a conflicting flood of real estate investment advice, you are left unsure how to do it "right." What are your next steps after buying a rental property?
Today we'll cover first rental property tips like:
- Marketing your rental
- Find good tenants
- Hiring property management
Being a Dickson, TN landlord isn't all that hard once you know where to start. By the end of this guide, you'll be on the right path toward profitability and a growing portfolio.
Market Your Rental for Success
Humans form opinions on things very quickly, even with little information. You've probably heard the saying that people develop a first impression in seven seconds or less. Further research has revealed that people make accurate judgments in 1/10th of a second.
All of this is to say that you need to blow their mind with your rental as early as possible. To do that, you need a slam-dunk listing as a real estate investor.
The Key to a Good Listing
Excellent listings are a careful balance of all the right ingredients. Things like:
- Captivating language
- Concise yet information-dense
- Puts important things upfront
- Makes clear any caveats
Think of your listing as a movie pitch. It needs to grab someone's attention, hold it, and convince them to pull out their wallet.
Find Good Tenants
A new real estate investor's guide isn't complete with a section on tenants. Crafting strong communication and satisfaction will determine how well your rentals do. Golden tenants will take care of your property and renew their lease time after time.
Conduct Background Checks
Dickson, TN has 243 residents per sex offender, according to City-Data.com. Yet when meeting someone in person, you might never know. There could be even more problems in their past, like felonies.
You might never know what things a potential tenant is guilty of without a background check. It's a key tool and determining if it's safe to have them in your Dickson property.
Consider Property Management
Property management is an all-in-one tool for managing your real estate investments. They can handle things like the following:
- Collecting rent
- Conducting inspections
- Advising your future property purchases
- Giving advice
Think of property management as an expert best friend in the business. Once you've decided it's right for you, all that's left is to choose the right property management services for your needs.
Become a Better Real Estate Investor with PMI
It may seem like a rocky road starting as a real estate investor. So to get you started, focus on building excellent listings and finding golden tenants. When all is said and done, a property management company may be your best bet.
PMI Greater Dickson, TN, is a family-owned and operated firm that prioritizes peak, consistent revenues. You can trust us because we manage countless properties across Dickson and Tennessee at large. Find out what you could be earning with our free rental analysis.
