According to Bankrate.com, sellers sold 369 homes in Tulsa, OK, in December 2024, a 4.8% increase from the 352 home sales in December 2023.
If you're one of those who've recently purchased a Tulsa home, and your ultimate goal is to transform it into a rental property, you may wonder what your next step as a new real estate investor should be. Luckily, you've come to the right place.
Let our rental property management pros at At Home Rental Management point you in the right direction in this first-time property owner guide.
1. Tenant Screening
After investing in real estate, you're most likely looking forward to collecting rent. As you should, but you must first find good tenants who should:
- Be reliable and always pay rent on time
- Be conscientious and respect neighbors
- Be responsible and adhere to all the conditions of the lease agreement
- Be ethical and moral, and will not put your property, neighbors, and community in harm's (or crime's) way
Securing quality tenants requires careful and thorough background checks on rental applicants. While you can do this yourself, there are many benefits to outsourcing tenant screening to professional property managers.
Property managers are real estate experts; they understand the local market and can speed up the tenant placement process. They also use innovative technology to conduct thorough rental applicant assessments and reviews. They do all this while ensuring their selection process complies with Tulsa, Oklahoma, and federal laws on fair housing and rental properties.
2. Embrace Technology
One of the most practical real estate tips Tulsa real estate investors should follow is using property management software. Familiarize yourself with such technologies to ease the burden of managing multiple properties. Various apps can help with:
- Tenant communications
- Maintenance requests
- Financial tracking
3. Consider Full-Service Property Management
By partnering with a full-service property management firm in Tulsa, OK, you can ensure your investment thrives as they can help you with:
- Rental analysis
- Marketing and advertising
- Tenant placement
- Maintenance and repairs
- Rent collection
- Lease enforcement
By handling all those crucial tasks, your property manager can free up your time and maximize your investment's potential.
4. Build a Network of Real Estate Professionals
Establish connections with:
- Local real estate agents and investment groups
- Contractors
- Fellow investors in the Tulsa area
Engaging with the community can provide insights and support as you navigate the world of rental properties.
5. Expand Your Portfolio
Once you feel confident with your initial property, consider expanding your portfolio by:
- Identifying additional properties that meet your investment criteria
- Diversifying into different property types or markets
- Regularly acquiring and reviewing Tulsa rental market insights
As Investopedia points out, expanding your portfolio can help preserve your capital and boost your risk-adjusted returns.
Start Your Real Estate Investor Journey Right
As a new real estate investor in Tulsa, OK, you've taken the first bold step in your investment journey. However, remember that it's an ongoing process that requires understanding your responsibilities and connecting with the right professionals.
Let the experts at At Home Rental Management be your partners in achieving success with your first and succeeding rental properties. Our team, headed by Jeanne Hale-Anson and Monica Bell, brings over two decades of expertise in real estate, property management, investor sales, and leasing to the company.
Contact us today for a free property consultation!
