5 Tips for Landlords When Researching a New Community
Many landlords are fine with the listings they currently have, but others are interested in expanding their offerings by investing in additional properties. Of course, it's not likely these new assets will be in the same neighborhood as one's current listings, so it becomes important to learn how to research a new community before purchasing property there. Fortunately, there are several surefire ways of doing this.
Network With Local Landlords
Far too many landlords don't recognize the importance of networking within their industry. Using social media, joining local associations, and attending seminars will give you the chance to meet other landlords who undoubtedly know their community.
By doing this, you're creating a relationship that can help you decide whether to invest in a specific locale. Even better, if you decide to get a property in the community, you will have built a relationship that's mutually beneficial for the two of you. Landlord networking is full of potential; you just have to be willing to get started.
Research Local Unemployment
When looking at the best cities in which to be a landlord, you'll find that low unemployment rates are a huge draw. Finding an area with great job prospects will prove beneficial for both you and future tenants. For you, you can rest comfortably knowing your renters will likely always have easy access to employment.
Additionally, renters will view a high availability of jobs as a positive when looking into areas. This means more potential tenants will seek out properties in the community, and that will usually equate to you having more money in your pockets.
Look Into Educational Resources
If you're looking to appeal to great tenants who will take care of a property, checking out local education resources is a great way to go about it. Families who take the time to consider their child's education in a move are also likely to actually invest in their community and treat it—and their home—with respect. Additionally, areas with better schools often have higher property values as well, so you'll be able to see a quicker return on your investment.
Check Out Crime Statistics
When considering purchasing property in a new community, the area's crime rate is something that should never be overlooked. There are a variety of reasons behind this. First off, properties in areas with high burglary rates are more likely to need repair if a criminal damages a home in an effort to burglarize it.
Additionally, viewing crime statistics is an important part of most individuals' rental hunting process. If they look at a city or neighborhood and see they're more likely to become the victim of a crime by living there, they'll often keep looking. This can reduce your potential tenant applicant pool.
If you do find a great place in a low-crime area though, attempt to keep it that way. Simple online background checks can ensure the community you fall in love with stays that way.
Research Real Estate Statistics
Looking into the local real estate statistics of a community is also a powerful tool when deciding on whether to invest in a new property or not. Areas with high ownership rates, for instance, show that people actually enjoy living in the community and are willing to commit to purchasing a home to stay there.
Additionally, it's also beneficial to check out the rental vacancy rate in an area. High rental vacancy rates mean that there are too many properties available for rent. This reduces the likelihood that prospective tenants will even be available to rent your new listing.
The credit checks and tenant screenings you perform are an essential part of the landlord research process, but investigating the locales where you might purchase properties is just as important. Owning real estate in the best communities attracts the best tenants, and as a landlord, that's all you can hope for.
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