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Owning a Rental Property in Gilbert AZ

Gilbert Arizona is an up and coming city. There is a lot of new development and everything feels fresh and clean. The homes are bigger and the prices are lower, which makes living there a very enticing thought for Arizona residents or even future Arizona residents.

This means that Gilbert property owners have a chance to use their property as a rental and earn some extra income. If you own a vacant property or even have a part of your house that has a separate entrance you could be sitting on some potential money. With a little bit of work you can have your property ready to show.

How to Become a Landlord

You’ll want to do a lot of research and make sure that you understand all of the city laws and regulations for renting a property. After you understand that you can speak with a property lawyer who can help you draft up a lease agreement. When you make your lease it is important to seek professional legal advice because this will be an enforceable document.

Before you let any new tenants move in you’ll want to make sure that you have an efficient way of processing transactions and recording and filing all paperwork. Good bookkeeping and accounting skills are a must if you want to stay on top of things.

When it comes time to price your rental you’ll need to look in the area at comparable homes and see how much they are going for. Take into consideration things like local school districts, transit, and shopping. If you’re rental is in a prime area then you can expect to get a little more for it.

Responsibilities of a Gilbert Property Manager

While there is a lot of potential money to be made in property management the responsibilities can be overwhelming for some. You will need to handle rent collection, period inspections, accounting, emergency repairs, advertising, showing the property, screening applicants, and much more.

If you excited about the idea of the extra income but don’t want to do the work yourself then you should consider hiring a Gilbert property management company.

For help managing your Gilbert rental contact the experts at RPM East Valley. (480) 719-1243