About 70% of rental properties in the US are owned by individual investors. Are you now one of them? Congratulations!
Unfortunately, many accidental landlords struggle to get their footing in today's competitive market. Without the right landlord advice, you could fail to maximize your earning potential.
Not sure how to excel among other unexpected landlords? Read on for our property management tips today!
Review Landlord-Tenant Laws
Before applying the rest of our tips for first-time landlords, review New Mexico's landlord-tenant laws. These laws cover:
- Security deposit limits and returns
- Required landlord disclosures
- Small claims lawsuits
- Termination and eviction rules
- Tenant rights to withhold rent
- Late fees
- Landlord rights to access a property
Consider federal landlord-tenant laws and regulations as well. These cover discrimination and disclosing environmental health hazards.
Keep track of local, state, and federal laws to remain compliant. If you need help, consult a property management company. Their legal expertise can help you avoid fines or lawsuits.
Invest in Property Marketing
Your investment property will remain vacant (and potentially drain money from your accounts) if renters are unaware it's available. Develop a multifaceted marketing strategy. This should include:
- Cleaning and staging the property
- Taking professional photos and videos
- Updating the online listing
- Search engine optimization
- Content marketing
- Paid advertising
- Email marketing
Using multiple strategies will increase your online visibility. You'll generate more applications, opening your tenant pool.
Outsource Tenant Screening
One of the biggest mistakes unexpected landlords make is rushing. Take your time and screen tenants before selecting renters. Otherwise, you could choose tenants with a long eviction history.
A thorough check should include criminal backgrounds, eviction histories, and references. Check their credit score and verify their employment.
You can outsource the tenant screening process to save time and money. A property manager will gather accurate reports to help you make an informed choice.
Once you find great renters, take strides to retain them. Increasing lease renewals can save you time and money. Your occupancy rate will improve, maximizing your earning potential.
Complete Maintenance
Don't let your rental property fall apart. Instead, schedule regular inspections and make necessary repairs.
Tenants can withhold rent if you fail to complete repairs in a timely manner. Track projects using an online portal to avoid delays. This can help you remain organized and efficient.
Get Help Managing a Rental Property
Instead of managing a rental property alone, work with a property management company. A full-service company can cover:
- Evictions
- Property marketing
- Maintenance and inspections
- Rent collection
- Tenant engagement
Their services will ensure you operate efficiently. You can avoid costly mistakes other unexpected landlords make.
Excel Among Accidental Landlords
Don't falter among other accidental landlords in Albuquerque, NM. Instead, set yourself up for success. Partner with a property management company today.
PMI 4U is part of a fast-growing property management franchise. We have a strong track record of success and the awards to prove it. Rely on our proven strategies, expert team, and state-of-the-art technology.
Ready to maximize your earning potential? Request a free rental analysis today!
