About 10.6 million Americans earn income through rental properties. Are you now among them? Congratulations!
As a first-time landlord, you have a lot of new ground to cover. Everything from completing a rental analysis to tenant relations can affect your success.
Not sure what to do after buying a property? Read on for the tips you need to thrive in St. Louis' real estate market.
Complete a Rental Analysis
Research the St. Louis real estate market with a focus on properties similar to yours. What is your new investment property lacking? Consider making property upgrades to improve the property's value.
A rental analysis will help you set your rental rates. Setting them too high will deter renters. When prices are too low, you won't maximize your earning potential.
Consult a property management company for help completing your analysis. Their understanding of the local market can give you a competitive advantage.
Start Marketing
Your rental property will remain vacant in St. Louis renters can't find it online. Invest in digital marketing to generate more visibility. These strategies include:
- Paid advertising
- Social media marketing
- Email marketing
- Search engine optimization
- Video marketing
- Content creation
Before creating your marketing campaigns, clean up and improve the property. Hire a real estate photographer for fresh photo and video content. Crisp images can help the property stand out among others in St. Louis.
Screen Tenants
Don't rush to select tenants. You could choose troublesome individuals who only cause you stress. Instead, develop a tenant screening process.
When screening applicants, consider their:
- Employment
- Credit score
- Eviction history
- Criminal background
- References
Avoid renters with a history of late payments or evictions. Call their previous landlords to determine their reliability.
This can help you find reliable renters you'll want to retain. Increasing your retention rate will ensure an ongoing source of rental income.
Improve Tenant Relations
Keep tenants happy to encourage more lease renewals. You can improve tenant relations using an online portal. This will allow renters to submit payments, send inquiries, and request maintenance.
Respond to tenants promptly and professionally. They'll appreciate your commitment to providing a great living experience.
For help keeping up with requests, hire a property management company. They can respond to inquiries and complaints on your behalf.
Keep Up With Maintenance
Keep your new rental property in the best shape. Schedule routine inspections and complete repairs as needed.
Create an emergency fund to cover larger renovations. If you wait too long to make repairs, tenants may get frustrated.
Hire a Property Management Company
To operate efficiently and effectively, outsource. Hire an experienced property management company. Their services benefit owners of all types of properties.
With their help, you can attract renters, increase your occupancy rate, and improve your ROI.
Become a Great First-Time Landlord
Becoming a first-time landlord can seem stressful if you don't have help. Use these tips to complete your rental analysis, attract renters, and thrive. Remember, you can always ask for support.
Our team at PMI STL Metro can help you thrive in today's competitive real estate market. Trust our proven strategies, state-of-the-art technology, and industry experts. Contact us today to request a rental analysis.
