Did you recently inherit property in Columbia? Congratulations! Unfortunately, owning property can become daunting if you don't have a plan.
Recently the number of first-time home buyers fell by 26%. Due to inflation, more people are renting than buying. You can use this to your advantage to maximize your earning potential.
Want to thrive among other accidental landlords? Read on for the five tips you need for success.
1. Outsource Tenant Placement
Before marketing your rental property, make it more appealing to potential renters. Complete property upgrades to help it stand out in the rental market.
After making these upgrades, optimize your online listing. Provide helpful information to attract ideal renters. Use search engine optimization (SEO) to appear as renters search for properties.
Before you begin receiving applications, invest in tenant placement services. An experienced property management company can help you find renters.
They'll screen applicants to ensure you find reliable tenants. These tenants will pay on time. They'll follow your rental rules and won't cause property damage.
Rushing through this process alone could lead you to select problematic individuals. About 22% of renters in South Carolina are behind on rent payments. Choosing these renters will hurt your earning potential.
2. Simplify Maintenance Coordination
Renters won't apply if the property is falling apart. Develop a maintenance coordination plan before tenants move in.
Consider using an online tenant portal. Renters can submit their maintenance requests online. You can avoid the stress of taking calls from frustrated renters.
Create an emergency fund right away to cover the cost of repairs. Invest in landlord insurance to protect your best interests.
Otherwise, outsource. A property management company can schedule repairs and inspections. They'll keep your property in good shape.
3. Review Landlord-Tenant Laws
Review South Carolina's landlord-tenant laws and regulations. Follow fair housing laws to avoid discrimination.
Otherwise, you could get hit with a fine or face a lawsuit. Consult a property management company if this happens. Their legal expertise can help you navigate the process.
4. Automate Rent Collection
Save time and avoid stressful situations by automation rent collection. Tenants can submit payments online. You won't have to go door to door.
An online portal will charge late fees on your behalf. Outline your expectations regarding rent payments in the lease agreement. Rely on your property manager's lease enforcement services in these situations.
5. Hire a Property Manager
You don't have to juggle tenant placement, rent collection, and maintenance coordination alone. Working with a property management company will help you work more efficiently.
Rely on their local expertise to make more informed choices as a property owner. For example, they can help you market vacancies and encourage lease renewals. Retaining tenants will boost your occupancy rate and ROI.
Thrive Among Columbia's Accidental Landlords
Many accidental landlords fumble as they first gain their footing in the industry. Instead of wasting time and money, apply these strategies. Remember, you can always ask for help.
Our team of experts at PMI Palmetto has 20 years of local management experience. Trust our state-of-the-art technology and proven strategies. Contact us today for help with your rental property.
