Are you now one of the 10.6 million Americans who own a rental property? If you're new among accidental landlords, you could make costly mistakes.
Most landlords generate an average of $97,000 a year. With the right strategies, you can maximize your profitability. Otherwise, your new rental property could sit vacant, costing you money.
Not sure how to succeed as a new property owner? Read on for the four tips you need to thrive in today's competitive market.
1. Request Tenant Placement Services
The current rental vacancy rate in America is over 6%. Without renters, your newly acquired property will seep money from your accounts. Before that happens, request tenant placement services.
An experienced property management company can market your available properties. They'll help more people find the listing using:
- Search engine optimization
- Paid advertising
- Social media marketing
- Email marketing
- Influencer marketing
- Tenant reviews
They can reach a specific target audience, such as college students or business professionals. You can reach ideal renters and generate more applications.
Your property manager will recognize red flags that indicate an unreliable renter. They can develop a thorough tenant screening process.
They'll consider employment, credit scores, criminal backgrounds, and more. They'll also check for a history of evictions and landlord complaints.
Their process can ensure you find trustworthy renters. Choosing great tenants now will help you avoid landlord stress later.
2. Simplify Maintenance Coordination
Failing to complete maintenance in a timely manner can lead to frustrated renters. They may take legal action if you don't provide a habitable space.
Simplify maintenance coordination using an online portal. There, tenants can submit requests. You can choose reliable contractors at competitive rates.
The portal will allow you to track each project's progress. If there's a delay, you can take action before tenants complain.
You can also use the portal to streamline rent collection. Tenants can pay manually each month or automate payments. This can help you avoid delays or the stress of collecting delinquent fees.
3. Encourage Lease Renewals
Encouraging lease renewals can improve your occupancy rate. You won't have to waste resources finding new tenants. Otherwise, marketing and tenant screening can become costly.
Encourage renewals by offering better living experiences. For example, you can offer property upgrades or incentives.
Develop strong landlord-tenant relations by communicating. Remain willing to compromise if tenants aren't happy with a high rent increase.
4. Outsource
The best way to thrive as a new landlord is to outsource. You don't have to complete these tasks alone. A full-service property management company can ensure better efficiency.
With their help, you can find and retain tenants. Their lease enforcement services will minimize problems and protect your best interests.
Succeed Among Accidental Landlords
Many accidental landlords stumble when they first start managing a newly acquired property. Start your real estate management journey with a better foundation. Use these tips to become one of the best landlords in Chattanooga.
Remember, a property management company can help. Our team at PMI has 20 years of local management experience.
Trust our skilled team, state-of-the-art technology, and established processes. Contact us today for help with your new property.
