According to Pew Research, there are nearly 20 million rental properties in the US. Individual investors own 71.6% (14.3 million) of these properties. Are you now one of them?
If you want to thrive among other South Bend accidental landlords, you need to remain organized and efficient. Use this landlord responsibilities guide to ensure your success in today's rental market. With this real estate investment advice, you can get ahead of competitors while maximizing your profitability!
Research South Bend Tenant-Landlord Laws
Before applying the rest of these rental property management tips, research local, state, and federal housing laws. Review these tenant-landlord laws, which cover:
- Termination and eviction rules
- Landlord disclosures
- Small claims lawsuits
- Landlord rights to access a property
- Tenant protections against retaliation
- Notices for raising rent or changing terms
- Security deposit limits and returns
Understanding these rules and regulations will ensure you remain compliant. Otherwise, you may encounter fines or lawsuits.
To ensure compliance, consult South Bend property experts. An experienced property management team can help you track new laws and regulations.
Maintain Your Investment Properties
Schedule regular property inspections and routine maintenance to maintain your newly acquired rental property. Inspections will ensure you spot problems before they worsen. Otherwise, you may need to pay for more expensive repairs.
Before selecting renters, consider upgrading the property. Cost-effective upgrades can enhance the property's value and make it more attractive to renters. Consider:
- Smart home technology
- Energy-efficient windows
- New floors
- Backsplash
- New kitchen counters and cabinets
Find and Screen Renters
After applying these rental property management tips, optimize your online listings. Show off the property with high-quality photos or engaging video tours. You can share this content on social media to direct more people to your listings, opening your tenant pool.
Establish a tenant screening process to avoid problematic renters. Each screening should include:
- Employment verification
- References
- Rental histories
- Credit checks
- Criminal background checks
This information will ensure you find reliable renters you'll want to retain long-term. Consider outsourcing this task to a property management company.
They'll save you time and money by finding you trustworthy tenants. Use their property leasing strategies to retain renters, boost your occupancy rate, and increase your ROI.
Hire South Bend Property Experts
Instead of applying this real estate investment advice alone, partner with industry experts. A full-service property management company can cover:
- Accounting
- Property inspections and maintenance
- Tenant screening
- Evictions
- Marketing
Their services will allow you to operate more efficiently. As they save you time and money, you'll generate passive income without unnecessary stress.
Thrive Among Accidental Landlords
Some accidental landlords make costly mistakes that affect their profitability. Instead of following in their footsteps, apply these rental property management tips. Remember, partnering with a property management company can ensure your long-term success.
Our team at PMI Michiana can develop a portfolio strategy to help you generate more profit from your rental. We're committed to adding value to your properties through effective communication, integrity, and accuracy.
Rely on our state-of-the-art technology to track how your properties perform in real-time. Contact us today to request your free rental analysis.
