Almost 11 million Americans earn income from rental properties, which is why learning the latest leasing management tips is essential.
Brushing up on your leasing tips will protect your investment and help you earn a decent profit. But if you're a new landlord, you may not know where to pour your efforts.
Sounds like your situation? Don't worry, we have the answers you're searching for. Here are five leasing management tips to take on board.
1. Understand State Laws and Regulations
The biggest tip is to familiarize yourself with state laws and regulations. This will prevent you from breaching renters' rights, fair housing, and safety rules that could result in a penalty. Dealing with the law can be overwhelming, so consult with a local attorney or property management services who will help you make the right decisions.
2. Set a Competitive Rate
Pay attention to the current rental market and decide on a competitive rate. Not only will you attract quality tenants, but you will stand out from other listings and maximize your profit. During the decision-making process, factor in the property's location, size, and amenities that make your investment a winner.
3. Screen Tenants
Don't make the mistake of overlooking tenant screening. This is where you conduct a background check on each application by deep-diving into their credit report, employment history, and past references. If you don't screen tenants, you could accept an unreliable one who may not pay rent on time and, in a worst-case scenario, damage your property.
As tenant screening takes time, landlords should hire a property manager because they have the experience and resources to screen tenants efficiently.
4. Maintain the Property
Regularly maintaining the property will retain credible tenants while maximizing your rental income. Property services should conduct regular inspections and receive feedback if there are any urgent repairs. For instance, the tenant may complain about a broken faucet or HVAC system that the landlord must fix.
Further, property maintenance increases the chances of lease renewal. Once you've found a great tenant, you must find ways to encourage a lease renewal, otherwise, you must go through the entire tenant screening process again. And if you're not careful, your property may become unoccupied and you won't earn an income.
5. Seek Professional Guidance
Managing properties is difficult, even for experienced landlords. That's why the majority hire property services to handle the daily responsibilities. These professionals handle everything, from screening to tenant management, so you needn't worry about your investment.
Aside from property managers, landlords should also hire an accountant to deal with bookkeeping. The beauty of outsourcing your needs is that they handle your taxes and give you sound financial advice, helping you make informed decisions.
Our Top Leasing Management Tips
Once you try out these leasing management tips, it'll be easier to manage a larger portfolio in the future.
At PMI Made Simple, our team uses innovative technology to attract tenants and keep them happy. With 20 years of experience, you can rely on us to protect your property, so you can focus on other areas of your business.
Ready to start? Then contact us today and we'll help you out.
