If you plan on purchasing a rental property, you can’t just rely on location as your main selling point. Residential leasing can be tricky, but it is also a very lucrative opportunity. From selecting the right property management service to finding tenants, what are some of the factors to consider when establishing a good rental property?
Find Your Rental Property
When trying to find a property to specifically rent out, a real estate agent can really help you to narrow down your search time and help you find exactly what you’re looking for. Establishing a budget is important in the early steps of finding a future residential leasing property, and again, this will help a real estate cut down on your search time. You also need to decide if you will run the property yourself, or if you will leave it in the hands of a trusted property management service. Most people interested in investing in rental properties will rely on property management services, as running a residential leasing property can quickly become a full time job!
Buying a Good Rental Property
When you want to create a good rental property, there are several aspects that can help you keep a long-term tenant.
- Schools– Some school districts are just better than others, and providing a proper education for a child is important to those looking for a new home or rental property.
- Job Opportunities– Do you want to invest in an older, more established community that may be slowing in growth or declining? Or do you want to own a rental property in an up-and-coming neighborhood that draws in individuals from all over the country? These are important questions to ask yourself before making a decision on your residential leasing plans.
- Amenities of the Area– Will your tenant have easy access to grocery stores, gyms and entertainment? Is it easy to find sources of public transportation? The more commodities that are in the area of your rental property, the easier it will be to rent it out.
- Know How Much You can Charge– If you need to generate a certain amount of income to cover the cost of your monthly payment on the property, find out the average rent for the area.
When deciding on investing in a property to generate income, working with a full service company will help to maximize your returns. With extensive experience serving the greater Frederick area and Western Maryland, Clagett Enterprises has delivered superb service since 1987. The Clagett team is a full service real estate company that’s ready to help you with your property management needs today! Speak with a Clagett professional at 301-665-6009, and you can also request a proposal for community management here. Make sure to connect with Clagett on Facebook, Twitter, Google+, Pinterest and YouTube.