Navigating the Detroit Rental Property Market as a New Investor

The most important thing new investors need to learn is that you must treat your rental property as a business. It doesn't matter if you have another full-time job and this is your side business; you have to be professional with your renters and follow local laws to run a successful business. You don't have to do it on your own. You can get professional help from our Detroit property management company to grow your business faster. Getting our services is the best way to avoid potential legal problems, so you don't have to worry about any legal issues. So, you must take your time to understand and follow your state and local laws before starting your business.

Like any other business, you have to protect your business by acquiring landlord insurance. This insurance will help you to avoid potential accidents or liability claims. So, if a pipe bursts, you don't have to worry about paying thousands of dollars if your renter sues you.

These are some common tips and tricks for property investors. Once you treat your property as a business, you are ready to set the right rental price, create a property listing, screen your renters, do property inspections, and more. If you already have too much on your plate to perform these and other tasks on your own, you can always hire our Detroit property management company to do all that for you.

The best way to find renters is by creating an online property listing. You have to write an effective property listing that attracts the right renter, and inform them about the rent price, the address, number of bedrooms and bathrooms, amenities, and nearby attractions.

Another way to attract renters is by taking better listing photos. Professional photos of every room and common space will help you to attract renters faster because they will easily visualize the space. An effective property listing and professional photos, which highlight your property features and announce your requirements, will help you find better renters.

To evict your renter, you first have to terminate the tenancy. You, as a property investor, have to follow local laws involving evictions. For this, you have to get a lawyer and give the renter a written notice. If the renter doesn't move out or fix the problem, like paying you the rent, you can file a lawsuit to evict. You have to follow your state and local laws to evict your renter and have a legal reason to do it that you can back with proof, like nonpayment of rent.

Evicting your renter is a problem that you may be able to avoid if you properly screen your renters or hire our Detroit property management company to do a professional screening for you. You can avoid other legal problems by hiring our property management company to do property inspections.

Property inspections can help you to avoid problems and expensive emergency repair costs. Preventing problems before they happen and fixing them will help you save money. You'll also avoid any legal issues that may arise when you don't property maintain your rental.

Every time you want to buy a new investment property, you have to inspect the property. By doing this, you will protect yourself from any bad investment that will make you waste money on expensive repairs.

You also have to do the same before you rent a property to a renter. Alongside inspecting for any damage, a pre-lease inspection helps you ensure your renter's safety. For example, you can check that utilities are working, test smoke and carbon monoxide detectors, check that vents are free of buildup, and check internal and external pipes for combustion.

Once you have renters living on your property, you still have to inspect your properties frequently. Fixing problems before they become a serious emergency will help you to avoid legal issues and save a lot of money. If you don't have time to do move-in, seasonal, and move-out inspections, you could hire our Detroit property management services to help you with property inspections and manage your properties in neighborhoods in Detroit.

Another way to check your investment property is to do a seasonal property inspection. You can have a seasonal property management checklist to follow so you don't miss anything.

A seasonal property maintenance checklist allows you to check your property, assess how the renters are taking care of it, and save money with early maintenance.
Your spring and summer maintenance checklist could include inspecting the roof, replacing damaged screens, keeping windows and doors secure, cleaning exterior vents, clearing the gutters, testing all emergency alarms, testing the thermostat, inspecting the attic, checking basement ventilation, inspecting pipes, and more.

Your fall and winter management checklist could include preventing frozen pipes, reversing ceiling fans, servicing the water heater, looking for water damage, checking for roof damage, winterizing outdoor spigots and hookups, preparing for snow removal, and more.

If you don't have time or want to increase your ROI, you can hire a Detroit property management company to boost your portfolio's success.

The right Detroit property management company will help you set the right rental price, do an efficient property listing, find and screen renters, do property inspections, handle property maintenance and repairs, and more.

The best way to choose a property management company is by getting referrals. You should choose a property management company with experience. You have to make sure that the property manager is licensed and doesn't have complaints against them.

Hiring a Detroit property management company is a good investment because it will help you manage your property or portfolio, increase your ROI, and boost your success faster. A property management company has more experience than the average landlord, and they know everything about how to rent and manage an investment property.