Property management advice to first-time landlords in Prescott

Far West Realty can take the stress out of your Prescott rental property with expert property management.Are you planning on purchasing a property with the aim of becoming a landlord? Perhaps you have already purchased that property, and you’re ready to take the first step. Far West Realty offers property management advice to first-time landlords in Prescott.

There is quite a learning curve before you put up a “for rent” sign. You must think of your property as a business you own and manage. Just like any other kind of business, it is important to manage it skillfully and to choose the right people to be your customers, that is, tenants.

In choosing your tenants, it is essential that you understand the laws. As a new landlord, you’ll quickly need to educate yourself about rental laws. These laws include the federal Fair Housing Act, which bans discrimination based on race, color, national origin, religion, sex, family status, or disability. Also included is the Arizona Residential Landlord-Tenant Act. Clear understanding of this statute is essential to successful rental management in Arizona.

After you are aware of the legal aspects, it is important to wisely choose tenants, using tools such as:

  • Credit check. Credit checks can indicate to you the applicant’s ability to pay the rent and any other financial obligations. A low credit score can be a red flag.
  • Background check. Does the applicant have recent criminal history?
  • Eviction history. It’s important to contact an applicant’s past landlords as references.

Hiring the right property manager is just as important as having the right tenants. Far West Realty offers more than property management advice to first-time landlords in Prescott. We also provide the management services you need to help keep your property well-maintained and keep your investment profitable. We want to help Prescott landlords as they deal with tenants and rental properties. For more information on how we can help, call us today at 928-772-9400.