Did you recently become a DIY landlord after inheriting property? About 70% of rental properties are owned by individual investors. If you now own one of those properties, get ready for rent collection, maintenance requests, and more.
Many accidental landlords experience burnout after inheriting property. To thrive in the world of rental property ownership instead, read on! With these tips, you can ensure your success as a DIY landlord!
Market the Listing
A digital marketing strategy can help your property appear in front of prospective renters. Invest in professional photography services to capture beautiful images of the property. Stunning photos will help you make a strong first impression on prospective renters.
Use a multi-faceted marketing strategy to expand your reach. You can use:
- Content creation
- Social media marketing
- Search engine optimization
- Email marketing
- Paid advertising
Search engine optimization (SEO) will help your listing appear higher as people look for Charlotte properties. You can optimize your listing with relevant keywords to appear for searches.
If you're struggling to develop a marketing strategy, hire a property management company. Their marketing services will ensure you appear in front of local renters.
Don't choose the first renters who apply. Instead, develop a tenant screening process. Screening tenants will help you find reliable renters.
Otherwise, you may choose renters who are already behind on rent. Troublesome individuals can upset neighbors, cause property damage, and increase your landlord stress.
Not all tenant screening reports include accurate information. To make informed decisions, outsource to a property management company. They'll help you find renters you can trust with your newly acquired property.
Understand Local Laws
Review North Carolina's tenant-landlord laws. Neglecting to follow these laws could lead to fines or legal consequences.
For example, a tenant could sue if you fail to complete maintenance projects promptly. Outsource maintenance and repairs to a property management company to avoid delays. Keeping up with repairs can help you maintain the value of the rental property.
Your property managers can help you keep track of new laws and regulations. They'll ensure you remain compliant.
Simplify Rent Collection
Talk to your property management company about using a tenant portal for rent collection. Using an online portal will provide renters with an easy, convenient way to pay rent. The portal can charge late fees automatically, saving you time.
Prepare for Emergencies
Save a portion of your rental income for unexpected emergencies. Creating an emergency fund can help minimize your landlord stress later. Otherwise, get landlord insurance to protect your best interests.
Join the Successful Accidental Landlords in Charlotte
Ready to become one of the most prosperous accidental landlords in Charlotte? Apply these tips to set yourself up for success. With a plan, you can maintain your beautiful rental property, generate rental income, and avoid stressful situations.
Remember, working with a property management company can help mitigate stress. Wilkinson Property Management can take away that stress while maximizing the return on your rental investment.
Our local expertise ensures professional results. Depend on our unbeatable customer services and web-based property management software. Contact us today to request a management quote.