So You Decided to Start Investing in Nashville Real Estate – Now What?
Nashville is an attractive real estate market for investors who want to buy rental properties. We have a great pool of tenants, a growing economy and population, and a stable rental market. So, if you’ve decided to buy a property here; congratulations! We believe you’ll find that your investment experience is both profitable and positive.
Now that you own a rental property, you’ll want to maximize your cash flow and your return on investment (ROI). Here’s what you need to do next.
Leasing your Nashville Rental Property
You’ll need to find a tenant and start collecting rent, but before you get to that point, you’ll need to take care of a few housekeeping responsibilities, including:
- Pricing your home competitively to reflect the market and the demand.
- Preparing your property for the rental market. Take care of any repairs or maintenance issues that are necessary, clean it thoroughly, create some curb appeal, and make sure it looks attractive, welcoming, and move-in ready for potential tenants to view.
- Taking some great marketing photos. Pay attention to lighting and angles. Highlight some of your property’s best features.
- Listing your rental property online to attract as many potential tenants as possible.
Once you’ve generated some interest, it’s important to be responsive and schedule showings. Walk your prospective tenants through the property and answer their questions. Offer them a chance to apply for the home, and then make sure you know how to screen the applications.
Screening requires that you check credit, eviction history, and criminal backgrounds. You’ll also need to verify income and employment, and we recommend you talk to current and former landlords. Make sure you are following all fair housing laws and documenting your process.
Managing and Maintaining your Nashville Rental Property
Once you’ve found a qualified tenant who meets all of your requirements and is ready to move in, you’ll have to take care of a few additional leasing details, such as:
- Collecting the security deposit and other move-in funds.
- Reviewing and signing a lease agreement that’s legally enforceable and compliant with Tennessee law.
- Conducting a move-in inspection to document the condition of your property.
When all of that is done, it’s time to set up processes for things like rent collection, accounting, lease enforcement, inspections, and maintenance. You’ll have to respond to both routine maintenance and emergencies at your property. Make sure your tenants know how to reach you at all times, and start developing relationships with local vendors so you’ll have a team of plumbers, electricians, HVAC technicians, and other repair people willing to help you when necessary.
Working with Professional Nashville Property Managers
If all of this sounds overwhelming and perhaps a bit outside of your own areas of expertise, we recommend that you hire a professional Nashville property management company. New investors can benefit from the experience and systems of a management company. They can access the maintenance resources and screening tools that professional property managers use on a daily basis. Even experienced investors know that they have a better chance of earning more and spending less on their investment homes when they work with professionals.
Protect your time and your property. Contact us at Omni Realtors and Property Management, and we’ll help you have the best possible investment experience.