There are now over 49.5 million rental units in the US. Did you recently inherit or purchase one? As a first-time landlord, it's easy to get lost navigating laws, maintaining financial health, and completing a rental analysis.
Instead of heading into the real estate industry blind, use these landlord tips. Plot a course toward success today!
Request a Rental Analysis
Complete a rental analysis and research other rental properties in Philadelphia. What do those properties offer that yours is lacking? Consider making a few minor upgrades to make the property more desirable.
For example:
- A fresh coat of paint
- New kitchen appliances
- Outdoor lighting
- Landscaping
Give the front door a pop of color and enhance the curb appeal to make a strong first impression. These upgrades can increase your property value and attract renters.
Completing a rental analysis will help you set competitive rental rates. If you set the rate too high, you'll lose renters. If it's too low, you'll lose rental income.
Consult a professional to complete your analysis. Their understanding of the local market can give you a competitive advantage.
Invest in Marketing
About 68% of all activity online begins with a search engine. Appear as local renters search for Philadelphia properties using digital marketing. A comprehensive strategy should include:
- Search engine optimization
- Paid advertising
- Email marketing
- Social media marketing
- Content creation
Hire a professional photographer who can capture the property in natural light. Share these photos online to generate interest. Use location-specific language in your listing and on social media to attract local renters.
Help your real estate listing stand out with virtual and video tours. Potential renters can explore the property without visiting in person. This strategy can help you dedicate more attention to renters with a real interest.
Plan for Emergencies
You can't anticipate what will happen once renters move in. Consider creating an emergency fund. You can use these funds to cover maintenance projects.
Delaying to complete maintenance could lead to angry renters. They may take the cost of repairs out of their rent, move out, or sue. Instead, increase tenant notification rates to boost renewals.
Hire a Property Manager
Instead of applying these tips alone, hire a property manager. A full-service property management company can assist with:
- Evictions
- Rental property marketing
- Tenant screening
- Maintenance and repairs
- Inspections
- Legal advice
Look for companies that use property management software. Their resources will save you money by ensuring efficiency. Instead of making costly mistakes, you can discover how to maximize your earning potential.
Use These Landlord Tips to Ensure Success
As a first-time landlord, it's natural to make a few mistakes as you learn the ropes. Unfortunately, mistakes with your rental analysis could cost you rental income. Instead of doing it alone, hire a full-service property management company.
Property Management International Greater Philadelphia is a full-service real estate asset management company. We use state-of-the-art technology and award-winning strategies to support our clients.
Discover what makes us the number one property managers in the country. Contact us today to request an analysis!
