Did you recently inherit property? Congratulations; you're among the individual investors who own about 70% of rental properties in the US! Unfortunately, a few costly mistakes could keep you from generating income.
To join the most successful accidental landlords, read on! Use these four tips to maximize your profitability as a rental property owner.
1. Market Your Properties
The longer your investment property sits vacant, the more potential earnings you'll lose. Start generating income as soon as possible. Market the listing online to start reaching renters in Austin.
Use an omnichannel marketing strategy to maximize your reach. These tactics can include:
- Social media marketing
- Print ads
- Digital ads
- Content creation
- Search engine optimization
- Email marketing
You have one-tenth of a second to make a lasting impression on a potential renter. To make a strong first impression, spruce up the property! Invest in the curb appeal to make it more eye-catching and inviting.
Apply a fresh coat of paint, update the siding, and improve the landscaping. Plant fresh flowers or give the front door a pop of color.
Consider making improvements inside to help your property stand out. Research other rental properties in Austin to gain an advantage. After making these upgrades, hire a professional photographer.
Stunning photos can improve your entire marketing strategy. Share these photos using social media to attract renters.
Researching other listings will help you complete a rental analysis. Use competitive pricing to maximize your ROI.
2. Invest in Tenant Screening
Don't accept the first tenants who apply. Instead, invest in professional tenant screening services. Comprehensive reports should include:
- Employment verification
- Rental histories
- Credit score reports
- Criminal background checks
It could take you days or even weeks to gather this information alone. Instead, hire a property manager. Their professional resources will save you time and money.
3. Review Local Laws
Before your first tenants move in, review local laws and regulations. Understanding the Fair Housing Laws will ensure you remain compliant. Otherwise, you may face fines or a lawsuit.
Protect yourself with landlord insurance. Otherwise, outline your house rules.
4. Hire a Property Manager
You don't have to manage your new rental property alone. Instead, hire an experienced property manager. Relying on their expertise can help you maximize your earning potential.
Look for a full-service property management company. They'll cover:
- Rent collection
- Tenant screening
- Property maintenance and inspections
- Tenant onboarding
Choose a company that relies on state-of-the-art technology. Their resources can help you operate more efficiently.
For example, many companies now use online tenant portals. Your renters can submit rent payments or maintenance requests online.
Keep up with maintenance requests as you receive them. Maintaining your property will help you attract future renters.
Join the Thriving Accidental Landlords
Many accidental landlords struggle to gain a footing in today's competitive real estate market. You don't have to do it all alone. Instead, hire an experienced property management company.
Austin Property Management is Austin's premier real estate investment and property management. We're uniquely positioned to serve your needs in a comprehensive manner.
Rely on our innovative strategies and tools to streamline property management. Contact us for seamless, profitable services tailored to your needs.
