According to US Census Bureau data, there are 49.5 million rental units in the US. These rentals are primarily owned by individuals (70.2%).
Are you now one of them? Congratulations! Unfortunately, many accidental landlords don't have the same footing in the industry as intentional investors.
Without the right rental property tips, you could neglect certain landlord responsibilities. Not sure where to start? Read on for our helpful first-time landlord guide today!
1. Research the Local Market
Before marketing your rental property to potential tenants, research the local market. Consider:
- Popular upgrades
- Up-and-coming neighborhoods
- Current rental rates
Gathering this research will help you complete a detailed rental analysis. You can set competitive, appealing rates to attract potential tenants.
For help, consult a property management company. You can leverage their local experience and expertise to set rates that maximize your profitability.
Review California's landlord-tenant laws, which cover:
- Statewide rent control
- Rental applications
- Tenant screening
- Security deposits
- Terminations and evictions
- Tenant remedies and rights to withhold rent
- Rent, late fee, and disclosure rules
Understanding local, state, and federal laws will ensure you remain compliant. Ignoring these laws can lead to upset renters, fines, and lawsuits. Partner with an experienced property management company to avoid legal consequences.
2. Find and Retain Renters
Develop a digital marketing strategy to direct renters to your online listing. Your listing should include:
- An attention-grabbing headline
- A description of the property
- A list of amenities
- The rental rate
- Your contact information
- A strong call to action
- Photos and videos
Use search engine optimization, paid advertising, and social media marketing to help interested renters find the listing. You'll gain more online visibility and applications. As more people apply, your tenant pool will open.
Establish a tenant screening process to find trustworthy renters. Review their:
- Rental histories
- References
- Eviction histories
- Credit scores
- Criminal background checks
You can outsource this task to save time and money. A property management company can help you find great renters worth retaining. They'll develop a tenant retention strategy, improving your occupancy rate and earning potential.
3. Outsource Your Landlord Responsibilities
Unexpected property management can feel daunting. Instead, outsource your landlord responsibilities to a property management company. Full-service property management includes:
- Marketing
- Tenant screening
- Maintenance and inspections
- Accounting and reporting
- Rent collection
Their experience and expertise will ensure you apply industry best practices. You can save time and avoid costly mistakes.
Choose a company that uses state-of-the-art property management software. You can use this technology to track maintenance requests, accept rent payments, and more. Relying on their services will help you operate accurately, effectively, and efficiently.
Excel Among Accidental Landlords
Competing with other accidental landlords can feel daunting. Instead, rely on professional property management services. Working with a property management company can save you time, money, and stress.
Trust our team at PMI Coachella Valley with your rental. We're committed to adding value to your property through transparency, honesty, accuracy, and communication.
Rely on our state-of-the-art technology to track how your property performs in real time. Contact us today to request a free rental analysis.
