Are you a new landlord, still trying to get your footing in a competitive industry? Individual investors own 14.3 million (71.6%) of the rental properties in the US. You have a lot of competition!
With these tips, you can thrive as a first-time landlord. You'll learn everything you need to know, from marketing to completing a rental analysis. Set yourself up for success with these tips!
Know the Local Market
Learn as much as you can about the Council Bluffs, Iowa real estate market. Market research will help you determine how to gain a competitive advantage. Your research will help you:
- Set rental rates
- Market your vacant properties
- Remain compliant with local laws
- Attract local renters
- Make informed property upgrades
As part of your research, look at properties that are similar to yours. What is your rental property lacking? Make upgrades to boost the property value and make the rental more attractive.
Setting the right monthly rent price is essential to your success. Complete a rental analysis by looking at comparable properties. What are other landlords charging?
Use tools like Zillow Rent Zestimate or Rentometer to get a more accurate estimate of your property's fair market rent. If you set the rent too high, you'll scare tenants away. The right price will improve your cash flow and ROI.
Invest in Digital Marketing
Invest in digital marketing strategies to ensure local renters find your property listings. Appear on multiple platforms using:
- Paid advertising
- Social media marketing
- Content marketing
- Search engine optimization
- Email marketing
Consider hiring a property management company that offers marketing services. They'll help you maximize your online visibility. Determine if they offer tenant screening services before you accept applications.
Understand the Law
Research state and local landlord-tenant laws. These laws cover:
- Lease renewals
- Evictions
- Rent increases
- Security deposits
Understanding local laws and regulations will ensure you remain compliant. Otherwise, you could encounter legal trouble and fines.
Automate Rent Payments
Make life easier for yourself and your tenants. Offer renters access to an online tenant portal. From there, they can submit maintenance requests and automate rent payments.
Expect Emergencies
You can't anticipate what will happen. Start building an emergency fund right away.
Use this fund each time you need to complete maintenance or repairs. Investing in maintenance will help you retain renters. You can maintain your beautiful investment property and improve the property value.
Hire a Property Manager
If you want to know the secret to success as a new landlord, hire a property manager. A full-service property management company can help with:
- Marketing
- Tenant screening
- Evictions
- Maintenance and inspections
- Legal aid
Their around-the-clock services will save you time and money. Rely on their landlord tips to avoid making costly mistakes.
Ask for Help With Your Rental Analysis
If you want to succeed as a new landlord, ask for help! Your property manager can help with everything from a rental analysis to marketing strategies.
Leveraging their expertise will help you thrive as a first-time landlord. PMI of the Midlands has over 20 years of industry experience. We use award-winning strategies and the latest technology to ensure each client's success.
We can maximize your profitability as an investor. Contact us today to request a rental analysis.
