Nearly half of Charlotte's residences are occupied by renters.
If you're a new property investor, this is great news. Renting out your property will bring in plenty of income, but contrary to what most people say, it's not "passive" income as such. Before it can become that, you need to put in some work.
In today's post, we'll tell you how to start preparing homes for rent in Charlotte. Keep reading, and we'll quickly walk you through the steps you need to take to maximize your rental income.
Make Rental Upgrades
When you take control of your property, the first step is to take care of any preventative maintenance. You'll have to get the property inspected to make sure all of the electrical and plumbing components are in good working order.
Consider making some basic rental upgrades, like new appliances or windows. Energy-efficient homes are always better for renters and landlords alike. You'll have fewer expenses and it'll allow you to attract a wider range of tenants.
Perform a Rental Valuation
This is something you may want to do before purchasing a rental property, but you can do it after as well. A rental valuation will tell you how much rent you can charge per month, based on numerous factors.
You'll look at what other similar rentals are going for in your area and what amenities set your property apart from the competition. You'll also need to look at your expenses to figure out how much you need per month to cover them and earn your rental income.
Write a Lease Agreement
Next, you'll want to draw up a standardized lease agreement to use across all of your rental properties. This essentially outlines what you expect of your tenants and what you'll be providing for them.
Make sure to cover things like rent amounts, maintenance responsibilities, and what happens when a tenant breaks the lease. You can find templates online giving you a thorough rundown of what to include in a lease agreement.
Marketing Your Unit
Once you've done all of the behind-the-scenes work, you can start marketing your rental. Write up a detailed description of your rental property and the local area, then take plenty of high-quality real estate photos to show the rental in the best light.
List the rental on the platform of your choosing and wait for applications to roll in. You can also invest in digital marketing tactics, like SEO and paid ads to cast an even wider net.
Screening Tenants
Getting lots of applicants is important, but you need to screen them to find a tenant you can trust. Having great tenants is the best way to keep vacancy rates down because they'll care for your property. If you do your job, they'll stick around and your income will start being more "passive".
Property Managers and Homes for Rent
Preparing homes for rent and finding tenants can be a huge task. If you're investing in multiple Charlotte properties, you're going to need help. Hiring a property manager can take a lot of the weight off of your shoulders.
At Wilkinson Property Management, we've been serving Charlotte landlords since 1999. We offer comprehensive property management services to help you get your rental up and running. Contact us today to learn more about what we do.
