Did you recently inherit property? Congratulations! You're now among the individual investors who own the 14.3 million rental properties in the US.
Get ready for rental maintenance requests, marketing campaigns, and tenant screening reports. It can become a little stressful, but don't worry. Most accidental landlords don't do it all alone.
Instead, read on for the tips you need to ensure your success. With these tips, you can maximize your earning potential with property rental management techniques.
1. Invest in Marketing
Don't let your new rental property sit vacant for long. Invest in digital marketing to reach potential renters in Topeka, KS.
First, clean and stage the property. Hire an experienced real estate photographer. Their photos and videos can help your property stand out online.
Ensure Topeka locals find your listing with search engine optimization (SEO). About 68% of experiences online begin with a search. Improving your search engine rankings will help you generate more website traffic.
Other digital marketing strategies include:
- Email marketing
- Social media marketing
- Video marketing
- Paid advertising
- Content creation
Use these strategies to generate online visibility. As more people find your listing, you can generate more applications.
2. Outsource Tenant Screening
Don't rush to fill your vacant property. Instead, invest in tenant screening services. Tenant screening reports include:
- Background checks
- Eviction histories
- Rental histories
- Employment verification
- Credit reports
This information will ensure you find trustworthy renters. Otherwise, you may choose someone who pays rent late or damages your property.
You can outsource this process to a rental management company. Their services can save you time and money. They'll ensure you remain compliant with anti-discrimination laws.
3. Prioritize Rental Maintenance
Maintain your new investment property by prioritizing rental maintenance and routine inspections. Keeping up with maintenance can help you avoid more expensive repairs in the future.
Your property management company can hire local vendors on your behalf. They'll gather competitive rates to ensure you find reliable services at the best prices.
4. Understand Laws and Regulations
As a new landlord, it's your responsibility to keep up with local, state, and federal housing laws and regulations. Review these laws to ensure you're remaining compliant. Otherwise, you could encounter legal trouble.
If you're struggling to keep up with legal changes, outsource. Your property manager will help you remain compliant. If you encounter legal issues, their expertise can prove invaluable.
5. Hire a Property Management Company
Remember, the most successful landlords don't handle these tasks alone. Outsourcing can help you avoid unnecessary landlord stress.
Choose a full-service property management company. They can handle maintenance, tenant placement, rent collection, and more.
Join the Successful Accidental Landlords
If you want to join the most successful accidental landlords in Topeka, you need a plan. Use these tips to ensure proper rental management. Otherwise, outsource to industry experts.
Our team at PMI Advisory Group has over 20 years of industry experience. We use state-of-the-art technology and award-winning services to ensure our clients' success.
You too can benefit from the experience and trust we've gained worldwide. Contact us today to request our property management services.
