In 2023, Charlotte, NC had the hottest housing market in the US. But for 2024, the real estate market has stabilized, and demand's decreased, so if you have extra money to invest, it's the perfect time to buy property.
You can always use your new property as a second/vacation home. However, a better idea is to generate income from it by renting it out.
Being a landlord isn't easy though, especially if you have zero experience. So here are four tips for first-time landlords in Charlotte that'll help you out.
1. Familiarize Yourself With Local Laws and Regulations
It's vital that you're familiar with local landlord-tenant laws and regulations. Not only will this solidify your knowledge regarding your own rights and responsibilities, but it'll also help you understand your renters' rights, too. For example, there are fair housing laws you need to be careful of.
Doing complete research here will give you a strong chance of being a fantastic landlord. And as a result, you'll have smooth landlord-tenant relationships.
2. Set Clear Policies
You should establish clear and comprehensive lease agreements right off the bat. That way, there's no confusion or disappointment, and it'll set the tone for more efficient business operations.
Clearly outline expectations regarding rent payment, security deposits, maintenance responsibilities, and any other relevant policies. If you receive questions in the future, consider addressing them by either tweaking your policies and/or putting together an FAQ.
3. Be Prepared for Emergencies
You may own an outstanding piece of property that's recently been maintained. You may even keep up with regular inspections and repairs, too. However, you never know what will happen, so having a backup plan is always a great idea.
Think about what you should do if emergencies arise, such as plumbing issues, electrical problems, or natural disasters. You should already be in touch with and have working relationships with vendors, contractors, etc. This will help you quickly respond to emergencies to maintain the safety and well-being of your tenants.
4. Hire a Property Management Company
Whether you're a first-time landlord or a seasoned one, having extra help is always a good thing. And this is where you'd benefit immensely from the services of a property management company.
These experts take care of responsibilities ranging from property marketing and tenant screening to rent collection and evictions. With all of these things off your plate, being a landlord will be significantly less stressful.
Join the Ranks of Successful Landlords
Landlords can make a decent chunk of money, especially if they have property in Charlotte. However, it won't be an easy job to handle, as you'll have to find, screen, and sign on renters. Not to mention, you'll also have to collect rent, maintain the property, and perform evictions.
While you can try to tackle all responsibilities yourself, it's definitely not necessary. If you find an excellent property management company, you can keep a reliable stream of income while reducing your workload.
Contact us today if you'd like assistance with property maintenance. We at Carolina Property Management, LLC have over 16 years of experience helping landlords like you be successful.