Mom-and-pop landlords own about 20.5 million rental properties in the US. Are you now one of them? Competing with other accidental landlords can feel daunting without a plan.
You'll need to consider rent collection, tenant screening, maintenance, and more. It can all take a lot of time from your already busy schedule.
Instead of struggling, use these tips to ensure your success. Make the most of your new investment property today!
Review Landlord Legal Obligations
Recognize your landlord legal obligations before selecting tenants. These laws govern:
- Rental application and tenant screening
- Tenant rights to withhold rent
- Tenant defenses to evictions
- Security deposit laws
- Required landlord disclosures
- Late fees and other rent rules
- Rules about landlords accessing properties
Landlords are required to provide habitable rentals in Florida. You must comply with applicable building codes and maintain the property. Otherwise, renters may withhold rent.
Keep track of new laws and regulations. If you encounter legal trouble, consult a lawyer or property manager. They can help you navigate the situation.
Make Effective Upgrades
If your investment property is old and outdated, make a few small upgrades. This will make the property more attractive among other Pensacola rentals. Consider:
- New floors
- Energy efficient windows
- New kitchen appliances
- Backsplash
- Smart home technology
Market these upgrades when updating your online listing.
Maintain Your Investment Property
Establish an emergency fund before you need to complete repairs. In the meantime, schedule routine inspections. A contractor can spot minor issues and make the necessary repairs before the property crumbles.
Allow tenants to submit maintenance requests online. Have a list of reliable contractors ready for emergencies.
Find and Retain Renters
Develop a digital marketing strategy to start attracting renters to your listing. Use social media marketing to show off eye-catching video and virtual tours. Respond to comments and answer questions to engage with your audience.
Once you start attracting renters, build strong tenant-landlord relations. Keeping tenants happy can lead to more renewals.
Hire a Property Management Company
Partnering with a property management company will save you time and money. Choose a full-service company that can help with:
- Tenant screening
- Marketing
- Rent collection
- Evictions
- Maintainenace and inspections
Working with a property manager will ensure you apply industry best practices. They'll help you recognize trends before your competitors get the chance.
Talk to your property manager about completing a rental analysis. They'll ensure you set competitive rental rates. You can attract renters and maximize your profitability.
Look for companies that use state-of-the-art property management software. Automation can streamline tasks like lease management and rent collection.
Discover How Accidental Landlords Succeed
If you want to compete among other accidental landlords, there's a secret: don't do it alone. Partner with an experienced Pensacola property management company. Relying on their experience and expertise will give you an advantage.
Our team at PMI C-Shell is part of a fast-growing property management franchise. We use state-of-the-art software to help clients succeed.
Trust our proven strategies and 20 years of industry expertise. Contact us to maximize your profitability as a landlord!
