Being a landlord isn’t as easy as purchasing a property and collecting rent. Investors have a lot of responsibilities when they decide to rent their properties. Some people do a lot of research and are successful at managing their rental property on their own. Others get help from others who have more experience in the industry so they can enjoy the rewards of owning rental property
There’s plenty of reading material out there to help a do-it-yourself landlord get on their feet. However, sorting through it all is time consuming and they may still need to talk to someone with more experience when they have questions. The other option is to treat real estate investing like a business and build a support team in the beginning. A strong team may consist of a real estate lawyer, property manager and accountant. Having these people on your team could reduce the likelihood of making costly mistakes.
Every new landlord should consult with real estate attorneys columbus oh investors trust before they advertise their first property for rent. Landlords must comply with Fair Housing and tenant laws. An experienced real estate lawyer may offer guidance to help a new investor stay in compliance and avoid unnecessary lawsuits. Lawyers may also help landlords draft their lease agreements so they reflect the goals the investor has for their business.
Property managers handle rent collection, maintenance and customer service on behalf of the owner. For many investors, the cost of a management company is well worth it. Instead of being on call 24 hours a day, investors who have property managers on their teams are able to focus their time and energy on tasks they excel at, such as finding new properties and negotiating deals.
There’s no reason to struggle alone as a new landlord. There are resources available to anyone who wants to take advantage of them. Whether you choose to work with a property manager or not, having an experienced real estate attorney to call when you need them could be invaluable.