Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

March 14, 2023

Becoming a Landlord in 2023

 Being a landlord isn’t as easy as just collecting rent every month. It requires a significant amount of time, effort, and money to manage a property and keep tenants happy. Here are some important things to consider before becoming a landlord:

1. Know the laws and regulations

Before you start renting out your property, it’s crucial to understand the laws and regulations that govern the landlord-tenant relationship in your area. This includes things like security deposit limits, tenant eviction procedures, and fair housing laws. Ignorance of the law is no excuse, and failing to comply can result in fines, legal fees, and even lawsuits.

2. Be prepared to invest time and money

Being a landlord is not a passive income source. It requires a lot of time, effort, and money to maintain a property and keep tenants satisfied. You’ll need to be prepared to handle regular maintenance and repairs, respond to tenant complaints and emergencies, collect rent and handle evictions if necessary.

3. Screen tenants carefully

Finding the right tenants is critical to ensuring a smooth and successful rental experience. Be sure to run background and credit checks, check references, and verify employment and income before signing a lease agreement. This will help you avoid problem tenants and reduce the likelihood of missed payments or evictions.

4. Set clear expectations

It’s important to establish clear expectations with your tenants from day one. This includes things like payment due dates, maintenance responsibilities, and rules regarding noise, smoking, pets, and other issues. A detailed lease agreement can help prevent misunderstandings and conflicts down the road.

5. Consider hiring a property manager

If you’re not interested in being a hands-on landlord or don’t live close to your rental property, consider hiring a professional property management company to handle the day-to-day operations. They can handle everything from finding and screening tenants to collecting rent and handling maintenance requests, leaving you free to enjoy the passive income stream. However, this will come at a cost and will eat into your profits.

In conclusion, being a landlord can provide a great source of passive income but requires significant investment of time and money on a consistent basis. Understanding local laws and regulations, screening tenants carefully, setting clear expectations, and being prepared to handle the responsibilities of managing a property will help ensure a positive experience for both you and your tenants.
Posted in Investing
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates