Did you recently put up a "for rent by owner" sign? Congratulations; you're one of the 10.3 million people in the US who own a rental property. You have a lot of competition.
If you want to ensure your success, read on. Use this landlord advice to generate rental income without stress today!
Research the Local Market
Before marketing your rental property, research the local market. Look at properties similar to the one you're renting out. Read each property's online listing and check the rental price.
Gathering research will help you complete a rental analysis. This analysis will ensure you set a competitive rental price.
If you set the price too high, you'll scare potential renters. The listing may remain vacant for months. If it's too low, you'll lose money.
Consider working with a property management company if you need help. They'll use pricing tools and market research to ensure you set a competitive price.
Invest in Tenant Screening
Don't rush to fill your vacant listings. Instead, invest in tenant screening. Review each applicant's:
- Credit score
- Criminal background
- Income
- Employment verification
- Eviction history
- Rental history
A comprehensive report can help you avoid problematic renters. Already, six million households are behind on rent. Gathering this information will ensure you choose renters who will pay on time and respect your property.
A property management company can gather these reports for you. They'll ensure each assessment includes up-to-date, accurate information. Outsourcing your tenant screening process will save you time and money.
Start Marketing
Attract renters to your listings by developing a digital marketing strategy. Create multiple campaigns to expand your online visibility. For example:
- Content creation
- Paid advertising
- Social media marketing
- Search engine optimization
Hire a professional photographer to capture stunning images of the property. Use high-quality photos and video tours to direct renters to your listing.
Create an Emergency Fund
Becoming a landlord can be financially stressful. Create an emergency fund as soon as possible. You can use this nest egg to cover maintenance and other emergencies.
Your tenants could take legal action if you fail to complete repairs on time. The property will crumble, leading to more expensive repairs in the future. Complete maintenance projects immediately to avoid these problems.
Ask for Landlord Advice
You don't have to manage your rental property alone. Instead, rely on a property management company. Their landlord advice can help you avoid costly mistakes.
Choose a full-service company that can handle:
- Marketing
- Tenant screening
- Rule enforcement
- Rent collection
- Record/document keeping
- Maintenance and repairs
With their services, you can maximize your earning potential without experiencing excessive stress.
For Rent by Owner: Ensure Your Success
Don't rush to post that "for rent by owner" listing. Instead, consider hiring a property management company first. Leverage their expertise and years of industry experience to maximize your profitability.
PMI Windy City has 20 years of experience managing rental properties like yours. We use proven strategies and state-of-the-art technology to ensure each client's success.
Maximize your earning potential. Contact us today to request our property management services.
