Individual investors own about 14.3 million of the 20 million rental properties in the US. If you're a new landlord, you'll need a plan to remain competitive. Otherwise, you'll lose tenants to other property owners.
Here are the essential tips you need to become one of the best first-time landlords in Dallas-Fort Worth, Texas. Applying these tips can help you retain tenants and generate income through real estate investing.
Put a plan into action today!
Develop a Marketing Plan
To generate income from your investment property, you'll need to market your listing.
Hire a professional photographer to take detailed, eye-catching images of the property. Highlight amenities or special features to help your listing stand out. For example, maybe the property includes upgraded kitchen appliances or an open floor plan.
You can use these images to create virtual tours online. Creating virtual tours can help you weed out potential tenants. You can spend more time and attention on tenants who are serious about your listing.
Plan to share the listing on multiple websites. Use digital advertising to attract potential renters to the listing.
If you're struggling to develop an effective marketing plan, hire a property management company. Their marketing services can help you attract tenants before vacancies drain your account.
Consider Rent Collection
About 15% of renters in the US (6 million households) aren't caught up on rent payments. Before anyone signs a lease agreement, plan how you'll collect rent. Consider using an online portal.
Using online tools will make it easier for you to track which tenants are behind. You can automatically charge late fees.
Making it easier for tenants to pay rent could help you avoid late payments.
Before choosing tenants, have a tenant screening process in place. A tenant background check can help you avoid renters who paid late in the past. Instead, you can choose renters you can trust.
Remain informed regarding local laws and regulations. Ignoring real estate laws could lead to fines. If you're unaware of local laws, hire a property management company.
They'll remain informed and enforce new rules on your behalf.
They can even document termination and house rules to ensure tenants don't ruin your investment property.
Look for Vendors
Completing property maintenance requests in a timely manner will help you keep tenants happy. If they have to wait for someone to make repairs, they might not renew their lease. Your vacancy rate could increase.
Look for local vendors ahead of time. Take the time to vet companies and find competitive rates.
You can also hire a property manager to complete this process for you. The best property managers already know which local vendors they can rely on. They'll also manage requests and schedule appointments on your behalf.
Become a Successful Landlord Today
Successful landlords already have plans in place to ensure organization and efficiency. If you want to become the best landlord in Texas, don't handle these tasks alone. Instead, hire a property management company.
With help, you can find tenants to generate revenue from your investment property.
Eager to get started? We can't wait to help.
Contact our team at PMI DFW Properties to learn more!