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Rentals 101: A Comprehensive Guide For First Time Property Investors

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Buying and owning single-family rental properties in Gwinnett County can be an exciting and rewarding investment! But unlike other types of investments, to become a successful owner of a rental business, there are many things to be considered. Suppose you are a Lilburn rental property owner who will lease your property for the first time. To make your business experience successful, you need to fully understand the basics of leasing strategies and, even more importantly, the laws that now apply to you and your tenant. As a property management company, we excel in finding and screening tenants and will walk you through the basics to get you started out smoothly. By following a few simple guidelines, you are more likely to make your first experience a positive one.

Marketing and Advertising

This is the first step to a successful rental process. To get the word out that you have an available rental in Gwinnett County, marketing and presentation are key! Start by making sure your property is clean and clear of trash, and visible debris. Check the paint and any other basic materialistic features that need to be replaced or updated. You want your rental looking its best so you set an expectation of how you would like it to be kept during the duration of the rental. After it is rent-ready, take pictures and videos of the home to market online. Be sure to capture all rooms to create the best representation of the property. If you use a Property Management Company, they will take professional photos and videos to post and advertise your home, so you don’t have to stress! Once you have your home ready to post, the next step is finding the perfect tenant.

Avoiding Discrimination

As you advertise for and screen renters, it’s important to avoid discriminating against potential tenants, even unintentionally. It is illegal to discriminate against a tenant based on factors like race, sex, color, national origin, religion, handicap, and familial status; note there may be other protected classes dependent on your state’s laws. As you create the rental ads, be careful to avoid using language that might qualify as discrimination, such as stating you will not rent to people with children or those who live on government assistance. Then, as you collect applications and screen tenants, fairly assess your applicants based on the information they provided and not on other criteria. By maintaining professionalism and using an unbiased screening system, you can stay clear of discriminating against any potential renters.

Screening Process Basics

One of the most important steps in leasing your rental property is finding the right renter, by using a good screening process for each applicant. In the screening process, you need to gather important details from your prospective tenant to help you determine if the tenant is right for your rental. rental First, request that they fill out an application that includes the names, all basic information, three years of employment history, Social Security numbers for all adult applicants, and all other necessary information about them. Then, run a background check on each applicant to verify the information of their application. If possible, contact any previous landlords and get details on their renting history. It may take some time, but the more research you do before you sign that lease, the less likely you will encounter unpleasant surprises or problems in the future. Doing these steps will assist you in finding the perfect tenant for your Gwinnett property!

Move-In Process

After you have selected a tenant for your rental property, the move-in process starts. Be sure to have created a lease beforehand for the leasee to sign. It would be beneficial to get your lease looked over by a professional to prevent any loopholes or anything that could be taken advantage of.

The lease needs to include many things including but not limited to:

  • Definite move in and move out dates
  • Monthly rent and security deposit amount
  • When the rent is due and any late fees that will be acquired
  • If pets are allowed and if any pet rent or deposit is due
  • If lawn care is tenants’ responsibility
  • Any and all signatures of renters who will be on the lease

These are just a few crucial bullet points that need to be stated in the lease agreement to ensure a smooth move-in and lease term for your Gwinnett County rental.

Knowing all the laws and best practices of leasing rental properties can be a challenge. Why not entrust this important task to a Gwinnett property manager? At Real Property Management of Greater Gwinnett, we offer clear and anti-discrimination screening and leasing services that help our rental property owners find the best possible tenants for their properties! We hope this guide gave you some insight on how to successfully rent out your first rental property!

If you are looking to move into Gwinnett County, then contact us today for assistance with property management services and we will help you find the perfect rental home! If you own a home and would like to rent it out in Gwinnett County, then reach out to us and we will be glad to assist you in the process!

 

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.