About 45% of landlords manage their own properties! If you're an accidental landlord, you'll need to develop a plan to manage yours. Otherwise, you may struggle to generate any revenue.
The property could end up draining your account instead of adding to it.
Here are a few tips you can use to make the most of your rental property. Become a successful accidental property owner today!
Attract Tenants
To make money from your rental property, you'll first need to attract tenants. Neglecting to develop a marketing strategy can lead to long-term vacancies.
Start by capturing high-quality photos of your Las Vegas properties. List the features and amenities that set your listing apart. Consider the location (for example, maybe you're near the Las Vegas Strip).
If you're still struggling to attract tenants, hire a property management company. Learn more about their existing marketing services. For example, they can:
- Create virtual tours
- Advertise listings on multiple property sites
- Screen tenants
Tenant screening can help you avoid troublesome renters. Your property management company can use background checks to find renters who will pay on time.
They can also schedule showings, conduct employee verification, and review credit reports. Screening tenants will give you peace of mind.
Know the Law
As an accidental property owner, you're likely unaware of the laws that will affect your new business. Ignoring federal and state laws could lead to costly fines. Remain compliant to avoid stressful situations.
Hiring a property management company can save you time and potential stress.
Your property managers can develop termination and house rules. They'll remain informed of new laws and regulations.
Collect Rent
Look for an effective way to collect rent on time.
About five million American households are behind on payments. Renters are behind by $2,094 on average. Make it easy to track which tenants are behind on rent.
Consider using an online rental portal. Making it easy for people to pay rent can help you avoid late payments.
Plan for Maintenance
If you neglect to respond to maintenance requests, renters could get frustrated. They might decide not to renew their leases, leading to vacancies. You can avoid a high vacancy rate by finding contractors ahead of time.
If you're struggling to vet contractors, talk to your property management company. They already have a network of reliable companies. They'll schedule maintenance and cleaning services as needed.
Hire a Management Company
Becoming an accidental landlord can become stressful. You'll need to juggle multiple responsibilities (likely on top of a full-time job). To make the most of your property, hire a property management company.
Rely on their experience and expertise to make informed business decisions.
Become a Successful Accidental Landlord
You don't have to feel stressed about becoming an accidental landlord. Instead, make the most of the situation! Use these tips to find renters, maintain your property, and generate revenue.
Remember, you don't have to juggle these tasks alone.
Asking for help can make all the difference! Contact our team at Avalon Realty and Oaktree Management to discover how we can help.
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.