Oklahoma City is one of the best southern cities for any new real estate investor, with the median home prices sitting at $162,000.
Becoming a landlord is an exciting endeavor, but it's also going to be a lot of work. If you're feeling daunted by it all, we've got a few crucial tips for you.
In today's post, we'll give you a short guide for what to do after buying your first Oklahoma City rental property. Keep reading and you'll have a clear direction for finding tenants and keeping them happy so that your real estate investment gives you great returns.
Property Maintenance
When you purchase your first investment property, the first thing to do is make sure it's ready for renters. Unless you have a turnkey rental property on your hands, you'll need to perform minor maintenance, such as replacing appliances, putting new windows in, and making repairs.
If your property is a single-family home, you may even consider doing more intensive renovations to convert it into multiple rental units. Whatever you decide to do, this should be tackled before you start finding tenants.
Property Marketing
Once your property is ready to rent, you'll need to create an enticing listing for Oklahoma City's rental market. To make a good listing, you need two things: professional-quality photographs and a great description of the property and the local area.
Next, post your property on the listing platforms of your choosing. You can even implement digital marketing practices, such as SEO, to put more eyes on your listing.
Tenant Screening
If your listing is successful, you should get an influx of interested tenants. Make everyone fill out an application so that you can perform tenant screening and find the perfect candidate.
The quality of your tenants will dictate whether your rental property is a success or a failure. Good tenants care for your property and don't cause problems. Bad ones damage your property and cause a lot of stress.
To properly screen your tenants, you need to perform background checks. A credit check will tell you what you need to know about an applicant's finances, while a criminal background check tells you more about their character.
Tenant Management
Take the time to screen tenants thoroughly and you'll end up with a good one. Finding a tenant is just one part of your job as a landlord. The next part is keeping those tenants happy so that you can keep rental income coming in.
Tenant retention is one of the most important metrics for landlords. Make life easier for your tenants by automating things like rent collection and maintenance requests. A happy tenant is more likely to stay in your rental unit, helping you avoid costly vacancies.
Property Management for a New Real Estate Investor
As a new real estate investor, there's a learning curve to maximizing your rental income. If you're finding it all a bit overwhelming, it's important to know you can outsource your landlord duties to a property manager.
At PMI OKCity Local, we specialize in helping property investors find tenants and maintain their properties. Contact us today to learn how we can take your property investment to new heights.
