Did you know the population of Saratoga Springs, NY is 38,758, the number of rental units is 19,535, and the rental vacancy rate is 7.8%?
If you're a first-time rental property owner in the area, you'll want to know how to keep your vacancy rates low. That way, you'll maximize how much income you generate from tenants.
Keep reading to see five must-know tips for first-time landlords in Saratoga Springs and the surrounding area.
1. Consider Hiring a Property Manager
When it comes to real estate investing, you should weigh the benefits of hiring a property management firm. Handling the duties of a rental property owner and a landlord isn't for the faint of heart.
You'll have to find good tenants, maintain and repair the property, collect rent, deal with tenant complaints, market vacant units, and more. Consider hiring a property manager unless you want to be tethered to your rental property.
Getting help from a property manager will make your experience as a property owner more enjoyable. You'll still have the time for a good work-life balance.
2. Ensure You Save Enough for Upkeep
As a first-time landlord, it's easy to get caught up in the excitement of owning and managing your own rental property in Saratoga Springs. However, don't forget the costs to maintain and repair your real estate asset.
So, even before looking at rental properties that fit your criteria, ensure you've budgeted for the upkeep of your investment property. You don't want a scenario where your asset becomes a burdensome albatross around your neck.
3. Set the Right Rental Rates
When you buy a property, you need to know what rental rates to charge tenants. It's a good idea to find out what other landlords charge for rental units that are comparable to yours. That way, your rental rates will be competitive.
On the one hand, you don't want to charge too much since that'll scare off quality tenants. But you also don't want to charge too little since that'll mean leaving money on the table and short-changing yourself.
4. Screen Tenant Applicants Thoroughly
It's essential to find quality tenants for your rental property. Dealing with problematic tenants is one way to sour your experience as an investment property owner.
That's one reason to work with a reputable property management firm in Saratoga Springs. It'll have processes and procedures designed to help you find the best tenants for your rental property.
5. Prioritize Customer Service
You'll also want to ensure you prioritize offering the best service to your tenants. Remember that any vacancies will stop your flow of passive income -- and bad reviews from tenants will also hurt you in the end.
If tenants don't feel treated well, they'll leave after their leases are up. Ensure you're easy to reach, and strive to resolve any issues promptly.
Do You Want Help for Landlords?
Are you a first-time property owner who wants to explore working with a reputable and dependable property manager?
At VenoProperties, we offer services to help landlords whether they're new or experienced rental property owners.
For the help you need with your rental property in Saratoga Springs, get in touch. We'll be pleased to explain how we can assist.
