Chronic stress is becoming more common at work. Nearly 95% of workers have reported feeling stress, with 63% tempted to quit their jobs. If you've joined other accidental landlords, you could experience headaches, insomnia, and other health issues.
Before that happens, read on to educate yourself about property management. With these tips, you can find tenants and generate income from your rental property. Make the most of the situation!
Research Local Laws
Learn more about the Hudson Valley, New York real estate market before renting out your inherited property. Research local, state, and federal laws. Ignoring these laws could lead to compliance issues and fines.
Keep up with new laws and regulations by hiring a property manager. They'll ensure your compliance.
Outsource Tenant Screening
Before you rent out a home, develop a comprehensive tenant screening process. These reports should include:
- Eviction histories
- Rental histories
- References
- Employment verification
- Credit scores
Tenant screening reports can ensure you find reliable renters. About 90% of landlords rely on these reports. Don't focus solely on someone's ability to pay rent.
Plan for Property Upkeep
Start creating an emergency fund as soon as possible. You can use this fund to cover property upkeep, property taxes, and other expenses.
Maintaining your investment property can make it more attractive to renters. Keep up with routine maintenance and inspections.
Consider making a few cosmetic upgrades. You can:
- Paint the interior and exterior
- Invest in landscaping
- Add exterior lighting
- Stage the property
Property staging can make the property look clean and lived in. Potential renters will have an easier time imagining their lives there. If you want to sell your home, you could receive higher bids.
Market the Investment Property
The longer the rental property remains vacant, the more money you'll lose. Hire a real estate photographer. They'll capture images of the property from all angles.
Use virtual tours to encourage potential renters to view the property in person. Virtual tours can help you pinpoint serious renters.
Use digital marketing strategies to generate online visibility. These include:
- Search engine optimization
- Content marketing
- Social media marketing
- Email marketing
- Paid advertising
Rely on Property Management Services
You don't have to apply these strategies alone. The most successful accidental landlords ask for help. Hire a property management company.
A full-service property management company can cover:
- Marketing
- Tenant screening
- Property maintenance and repairs
- Evictions
- Rent collection
Look for companies that use state-of-the-art technology. They can automate processes, saving you time and money.
For example, they can automate rent payments. You won't have to go door to door or worry about late fees. Instead, you'll have peace of mind knowing money is in your account.
Accidental Landlords: Ensure Success
Most accidental landlords don't do it all alone. Instead, they rely on industry experts to ensure their success. Start generating passive income by hiring a property management company.
Our team at PMI Hudson has helped property owners like you for 20 years. Rely on our state-of-the-art technology and award-winning strategies. We can maximize your earning potential by making property management more manageable.
Make the most out of your inherited property. Contact us today to request our services.
