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Successful “Landlording”

People enter the landlord business in the San Antonio area for many different reasons. Maybe you’re an “accidental landlord”, when your former residence couldn’t sell, you decided to rent it out, or maybe you gained a property through an inheritance. Or, maybe it wasn’t accidental at all and you diligently researched properties for sale and chose to purchase one (or more) as an extra source of income. Regardless of how or why you entered the business, being a landlord can be a profitable endeavor — or a costly one.

However you ended up as a landlord, your rental property is a business and an income source — and you need to treat it that way. Consider setting up a Limited Liability Company (LLC) for ownership. This can help protect you personally from legal actions or claims. In addition, consider using accounting software or other form to keep close track of your income, expenses and ultimately your return on investment. Document all of your procedures and communications with applicants and tenants, and make sure to stick to your procedures. When you’re renting a property, you will hear a lot of different stories, and some of them may be sad. Make sure any action you take makes good business sense.

Successful landlords in the San Antonio area leverage skills from many different areas: customer service, marketing, accounting and home repair, among others. Reduce the risks that come with being a landlord by educating yourself and networking with other experienced landlords and related professionals. This is where Real Property Management Alamo can help. We have tons of vendors in the San Antonio area, along with our staff of professionals that can keep you in the know when it comes to laws, rules and regulations within the property management industry that are ever changing. Our staff is up to date on all requirements relating to the leasing process along with everything involved with managing your rental property business. If you choose not to use a property manager, we strongly suggest you consider joining your local or national landlord associations to keep up with changing rules and regulations, and to share your experiences, so you can avoid the most common landlord mistakes.

There are many sources to help you with managing your rental property. Don’t wait for a bad experience to contact a property manager to “fix” your problems. Hire a property management company first to avoid any mistakes in the rental property industry, they are the experts. And even if you don’t want to hire a property management company and want to go it alone, RPM Alamo can help you with the initial advertising, marketing, showing and leasing your home. Contact Amanda at 210-787-3876 or amanda@rpmalamo.com.

 

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