Did you recently acquire property accidentally? Less than 50% of landlords manage their own properties. Their landlord responsibilities include maintenance, rent collection, marketing, and more.
That's a lot of work! If you decide to lease your Murfreesboro property alone, you need a plan to remain competitive. Otherwise, you won't generate revenue as the property sits empty.
Not sure how to excel among other accidental landlords? Read on for our property management tips to ensure your success.
Research the Murfreesboro Rental Market
Before directing potential renters to your online listing, research the Murfreesboro rental market. Consider:
- Popular neighborhoods
- Rental rates
- Desirable upgrades
This information can help you complete a detailed rental analysis. For help, consult a property management company. They'll ensure you have the necessary data to set a competitive rental rate.
Developing a pricing strategy will help you attract potential renters and maximize your earning potential. Otherwise, setting it too high will scare prospects while setting it too low will cost you revenue.
Consider upgrading the property before marketing it online. Popular rental property upgrades include:
- New floors
- Smart home technology
- New kitchen cabinets and counters
- Fresh paint
- Bathroom upgrades
- Modern light fixtures
- Backsplash
- Exterior upgrades and improved landscaping
After upgrading the property, add new photos to your online listing. Eye-catching photos will help the property stand out online.
If the property is falling apart, you may struggle to attract renters. Schedule routine inspections to keep the property in good shape.
Apply Tenant Management Strategies
Establish a tenant screening process to choose reliable renters. Consider their:
- Credit checks
- Rental histories
- Eviction histories
- Employment verification
You can outsource this task to save time and money. A property manager can help you find and retain great renters. Apply their tenant management strategies to improve satisfaction rates.
Their services can lead to more lease renewals. You can improve your occupancy rate, saving you the time and stress of finding new tenants.
Use an online portal to communicate with renters. Respond promptly and professionally to show them you care about their needs and concerns. Remaining responsive can help you build strong tenant-landlord relations.
Request Real Estate Investment Advice
Instead of applying these property management tips alone, outsource your landlord responsibilities. A property management company can handle:
- Rent collection
- Accounting
- Tenant screening
- Property marketing
- Maintenance and inspections
Outsourcing these tasks will help you operate more efficiently, saving you time and money. Leverage their experience and expertise to avoid mistakes that can impact your profitability. With help, you can gain a competitive advantage in today's saturated market without taking on unwanted stress.
Succeed Among Accidental Landlords
Don't make the mistakes of other, less successful accidental landlords. Instead, consider partnering with a property management company like PMI Professionals.
You can use our innovative property management software to track how your properties perform. Trust our commitment to adding value to your Murfreesboro property through communication, honesty, and accuracy.
We'll maximize your earning potential while helping you avoid the stress of managing a property. Contact us now for a free rental analysis.
