Did you recently inherit real estate in North Alabama? Congratulations! On average, landlords make $97,000 a year.
Without the right rental property advice, however, you may struggle to maximize your earning potential. Not sure how to succeed as an accidental landlord in today's competitive market? Read on for the property management tips you need to ensure lasting success!
1. Research Landlord-Tenant Laws
Before marketing your rental property or selecting renters, review Alabama's landlord-tenant laws. These include:
- Rental application laws
- Tenant screening laws
- Security deposit laws
- Required landlord disclosures
- Small claims lawsuits
- Late fees
- Rental rules
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access a property
Review federal landlord-tenant laws and regulations. These cover anti-discrimination laws and landlord responsibilities to disclose environmental hazards.
If you struggle to track new laws and regulations, outsource. Hire an experienced property management company. They'll ensure you remain compliant to avoid fines.
2. Invest in Property Maintenance
How does your rental property compare to others in North Alabama? If there's disrepair, potential tenants will look elsewhere. Update the property to make it more attractive.
Consider upgrades that will enhance the property's value. These include:
- Smart home technology
- New floors
- Energy efficient windows
- Fresh paint
- Landscaping
- New kitchen appliances
Schedule routine inspections to spot problems before they worsen. Start building an emergency fund to cover these expenses. If a natural disaster or accident causes damage, you can immediately complete the repairs.
Allow tenants to submit maintenance requests online. Completing repairs quickly can improve tenant satisfaction rates.
3. Leverage Digital Marketing
Update your online property listing to ensure it provides helpful information. Include new photos of the property to drive interest. The listing should also include a compelling headline and detailed description.
Leverage digital marketing to direct more people to the listing. These strategies include paid advertising and social media marketing. You can outsource your campaigns to generate more applications.
4. Develop Tenant Management Skills
Keeping your tenants happy can increase lease renewals. Retaining renters can improve your ROI. You won't have to waste money on tenant screening and marketing.
Let your tenants know you're available to answer their questions. Respond to their inquiries and requests promptly and professionally. You can outsource tenant management to improve satisfaction rates.
Otherwise, invest in tenant screening. This will ensure you select reliable renters you want to keep.
5. Request Rental Property Advice
Partner with an experienced property management team. Their services can save you time and money. They can streamline:
- Maintenance and inspections
- Tenant screening
- Tenant management
- Evictions
- Rent collection
- Marketing
With their help, you can operate more efficiently to improve your ROI. Use these tips to find the best property management company for your rental.
Become a Successful Accidental Landlord
Becoming a successful accidental landlord can take time if you're operating alone. Instead, outsource!
Our experts at Stutts Properties, Inc. can remove the hassle of renting your property. We'll ensure it generates a surplus of time, money, and energy.
We've helped over 200 property owners in the Shoals area and can do the same for you. Trust our 19 years of experience and 95% occupancy rate. Request your free rental analysis today.
