There are now over 19.95 million rental properties in the US. Individual investors own about 70% of these listings. Are you now one of them?
Many accidental landlords make costly, easy-to-avoid mistakes when they first acquire property. To avoid those mistakes, use these three tips. Become one of the most successful landlords in Ewing instead!
1. Invest in Marketing and Tenant Screening
Your newly acquired property could remain vacant for months if no one realizes it's available. Develop a digital marketing strategy to attract renters to your listing. Your strategy can include:
- Influencer marketing
- Social media marketing
- Search engine optimization
- Paid advertising
- Email marketing
- Video marketing
Before developing your campaigns, make a few improvements to the property. It takes one-tenth of a second for your property to make a first impression. If renters don't like what they see, they'll keep searching.
Improve the curb appeal, update the flooring, and make other minor improvements. Choose upgrades that boost the property's value.
Upgrades can make the property more enticing. You'll have an easier time competing with other landlords.
Optimize your rental property listing to encourage applications. It should include a compelling headline and a detailed description.
Don't overpromise. Instead, remain honest. List the recent upgrades you completed.
End the listing with a compelling call to action. Encourage people to reach out to view the property in person. You can also provide access to a virtual tour.
Once you start generating applications, leverage tenant screening services. Screening applications will ensure you find reliable renters. Choose individuals who don't have a history of evictions, late payments, or property damage.
You can outsource this process by hiring a rental property management company. Their established process will save you time and money. You can review comprehensive reports to make an informed choice.
2. Maintain Your Rental Property
Don't let your rental property crumble around your tenants. Instead, provide them with access to an online portal. Allow them to submit and track maintenance projects online.
Start building an emergency fund to cover repairs. Otherwise, delays can lead to frustrated renters.
Tenants can also use the portal to send rent. This can minimize late payments and reduce your workload.
3. Hire a Property Management Company
The most successful property owners don't do it all alone. Hire a property management company before you need landlord rescue services. Their services will help you operate more efficiently.
Choose a full-service management company. Look for companies that have processes established and use state-of-the-art technology.
They'll streamline rent collection, maintenance, and other tasks. With their services, you can improve your occupancy rate and generate more rental income.
Succeed Among Ewing Accidental Landlords
Remember, the most successful accidental landlords don't do it all alone. Instead of making costly mistakes, outsource. Partner with an experienced property management company.
Our team at PMI Essential is part of a fast-growing, dynamic franchise. We have 20 years of experience and a strong track record of success supporting owners like you.
Trust our skilled team, state-of-the-art technology, and proven strategies. Contact us today to discover how to maximize your earning potential.
