Over 75% of parents plan on willing their home to their child upon their death. Meanwhile, only 30% of these heirs plan on keeping the property. If you're among recent accidental landlords, you need a plan.
Otherwise, you may struggle to compete with other property owners in Blue Springs. You could miss a chance to generate revenue.
Not sure how to ensure your success as a property owner? Read on for the tips you need!
Track Property Maintenance
You won't gain tenants if the property is crumbling. Before listing your newly acquired property, complete maintenance.
Consider applying upgrades that increase the property's value. These include:
- Smart home technology
- New floors
- Energy efficient windows
- New kitchen appliances
Look at similar rentals in the area for more ideas. This can help you remain competitive.
Once tenants move in, keep up with property maintenance. Start building a nest egg for emergency repairs and ongoing inspections. Prioritize preventative maintenance for electrical, HVAC, and plumbing systems.
Invest in Property Marketing
Your Blue Springs property will remain empty if people don't realize it's on the rental market. Direct more people to your online listing using digital marketing strategies. These include:
- Influencer marketing
- Social media marketing
- Content creation
- Search engine optimization
- Paid advertising
- Video marketing
After improving the property, capture new photos and create a video or virtual tour. Add these visuals to your online listing. Stunning visuals will help you appeal to potential tenants.
Outsource Tenant Screening
Don't make the mistake of selecting the first renter who applies. Instead, develop a tenant screening process.
Review each applicant's criminal background, credit score, and references. Avoid renters with a history of evictions or late rent payments.
To save time, outsource this process. A property management company can screen applicants efficiently. They'll gather detailed reports and help you adhere to anti-discrimination laws.
Review Tenant-Landlord Laws
Keep up with Missouri's tenant-landlord laws. Neglecting to follow these laws could lead to a lawsuit. These laws cover:
- Small claims lawsuits
- Security deposit limits and returns
- Rent rules
- Tenant rights to withhold rent
- Termination and eviction rules
Keep track of new federal laws and regulations to remain compliant.
Hire a Property Manager
Instead of operating alone, hire a property manager. An experienced property manager can streamline your processes. They'll help you work more efficiently, saving you time and money.
Choose a full-service property management company. Their services may include:
- Evictions
- Tenant screening
- Property marketing
- Inspections and property maintenance
- Accounting
Allow the company to complete a rental analysis. They'll help you set competitive rates. This can maximize your earning potential without scaring away renters.
Excel Among Accidental Landlords
Many accidental landlords make costly mistakes while trying to navigate the local real estate market. Avoid those mistakes by outsourcing. Consider partnering with the fastest-growing property management franchise in the country.
At PMI KC Metro, we use state-of-the-art technology to support property owners like you. We can maximize your profitability using proven strategies.
Trust our experienced team, efficient processes, and local industry knowledge. Contact us today for help with your inherited property!
