The Harrisburg rental market is one of the most competitive in the state.
For renters, this is a difficult situation, as it becomes more and more difficult to secure decent housing. For property owners, however, it presents an amazing opportunity to make serious rental income.
Becoming a real estate investor in Harrisburg is never a bad idea. But, what do you do once you've purchased your first rental property?
In today's post, we'll give you some Harrisburg rental property tips to help you navigate the market. Keep reading and you'll understand the ins and outs of real estate management in Harrisburg.
Understand Rental Laws
The next steps for landlords after making a property investment are to understand the way things work in their state and figure out how to implement them in a way that suits them. Most importantly, you need to understand tenant rights so that you're always operating under the law.
Once you understand how to properly operate, you can write your lease. A lease agreement holds both parties legally accountable to a set of rules. Most importantly, a lease protects you from poor tenant behavior so you can confidently proceed with your tenant search.
Create a Property Listing
Every real estate investor's nightmare is a rental vacancy. As soon as you can, create a property listing and start marketing your rental to prospective renters.
Write a thorough description of your property and take lots of high-quality real estate photos. Post it on the listing site of your choosing and wait for applications to roll in.
Screen Your Tenants
In a competitive rental market like Harrisburg, you're always going to receive a lot of attention on your listing. The only thing worse than a rental vacancy is a delinquent tenant that puts your investment at risk.
On the contrary, having a great tenant makes being a landlord simple and keeps your property lucrative. Therefore, tenant screening is hugely important to your bottom line, as well as your stress level.
Perform criminal and financial background checks on all applicants. Take it even further by contacting character references as well. Use all of the information you obtain to choose the perfect tenant for your rental.
Tenant Management and Maintenance
Once you have a great tenant in your property, the ball is in your court to keep them happy. A satisfied tenant will stick around for longer, keeping vacancy rates down and putting money in your pocket.
An important part of tenant management is responding to maintenance requests. When a tenant asks you to fix something in the unit, it's in everyone's best interest to do it promptly. You should also schedule preventative maintenance to remain proactive about your property.
Property Management for the Real Estate Investor
Being a great real estate investor means having great real estate investment strategies. Once you've got it, however, you need to put the work into making it as lucrative as possible. The tips we've given here will help you do that, but so will hiring a property manager.
At Hometown Property Management, we're Harrisburg's top source for rental property management. We can help you maintain your property, find tenants, and keep them satisfied to keep your property working for you. Contact us to learn how we can help you run your investment property.
