Individual investors own about 14.3 million rental properties in the US. Meanwhile, renters account for 36% of the nation's 122.8 million households. Without a strategy in place, you won't reach those renters as a new property owner.
Here are strategies the best first-time landlords use to become successful. With these tips, you can start generating revenue from real estate investing without stress.
Become one of the best accidental landlords in Blue Springs, MO today!
Market Your Listings
Before you can start generating income from your investment properties, Blue Springs renters need to find your listings.
Complete any ongoing maintenance projects for the property first. Then, hire a professional who specializes in real estate photography. They'll help your property listings stand out from other rental properties online.
When creating your listings, take the time to research properties similar to yours. Look at the descriptive language these listings use to attract renters. For example, you might want to highlight amenities.
Consider your rent prices. If you set the price too high, potential renters won't bite. If it's too low, you'll leave money on the table.
As part of your marketing strategy, consider creating digital ads or using social media marketing. These strategies will help you gain more online visibility. Otherwise, hire a property management company that offers marketing services.
Create a Collection Process
Make it easy for your renters to pay rent on time. Developing a rent collection process will save you time and help you avoid stressful situations.
Unfortunately, about six million American households (15% of all households in the US) are behind on rent. Have a plan for enforcing late payments. For example, you can have renters pay a fee if they pay late.
Use technology to charge late fees automatically.
Many accidental landlords make the mistake of neglecting local housing laws. Remaining informed of local real estate laws will help you avoid violations and fines.
If you're struggling to keep up with new regulations, hire a property management company. They'll enforce changes based on the latest housing laws.
Find Local Vendors
Research local vendors before your tenants begin submitting maintenance requests. Find contractors with years of hands-on experience and positive reputations. When you need their help, you won't have to waste time vetting local contractors.
Your property management company can handle this process on your behalf. They already have connections with the best vendors in Blue Springs. They can even help you find competitive rates.
Hire a Manager
You don't have to manage your new property alone. Consider working with a property management company this year. The best property manager will save you time and money.
While they handle daily administrative tasks, you can focus on building your real estate investment portfolio.
Use These Tips for Successful Landlords
Managing property for the first time can feel stressful. Use these tips from successful landlords who came before you. With a plan in place, you can avoid stressful situations.
Instead, you can start generating revenue from your investment properties.
Need help? We're here to ensure your success.
Contact us at PMI KC Metro to learn more about our services.