Missouri had the biggest annual rent increase this year. If you're an accidental landlord, you can end up making a sizeable profit. Still, the responsibility of managing a property can feel overwhelming.
Are you wondering what you can do to succeed? Keep reading to learn about essential property management tips and strategies to help you as an accidental landlord in St. Louis.
Be Aware of All Landlord Responsibilities
Being a landlord isn't just about collecting rent. It involves ensuring your property is safe and well-maintained.
In St. Louis, landlords must comply with both local and state regulations regarding rental properties.
Another critical aspect of landlord responsibilities is fair housing practices. Missouri follows the federal Fair Housing Act. Staying informed on these regulations helps you avoid costly legal issues and ensures you treat all prospective tenants fairly.
Master Rental Property Basics
Start by setting a fair market rent that aligns with the St. Louis housing market. Research similar properties in neighborhoods like Central West End or Tower Grove South to gauge the current rental rates. Pricing your rental competitively will help attract quality tenants and minimize vacancy periods.
Developing a comprehensive lease agreement is also crucial. This document should outline all the terms of tenancy, including rent payment schedules, late fees, property maintenance guidelines, and rules regarding pets or subletting. A well-drafted lease protects you and sets clear expectations for your tenants, reducing potential disputes.
Follow the Best Property Maintenance Tips
Proper property upkeep is essential to retain tenant satisfaction and protect your investment. Following far-sighted property maintenance tips can help prevent small issues from turning into expensive repairs. Regular inspections, scheduled at mutually convenient times, can help identify problems like:
- Plumbing leaks
- Electrical issues
- HVAC inefficiencies
Ensuring your property is ready for each season is key to avoiding weather-related damage. For example, winterizing your property in the fall can prevent burst pipes and other cold-weather problems.
Stay True to Tenant Management Strategies
Employ tenant management strategies that promote healthy relationships. It starts with thorough tenant screening, including:
- Background checks
- Credit reports
- References
Once tenants are in place, set up clear channels of communication. Let them know how to reach you for emergencies and routine inquiries. Be sure to establish reasonable response times.
Consider providing tenants with an online portal for reporting maintenance issues or making rent payments.
Lift the Weight on Your Shoulders With Property Management Services
If managing your rental property feels overwhelming, consider hiring a property management company familiar with the St. Louis market.
They can handle regular inspections, rent collection, and more. This is especially beneficial if you live outside St. Louis or have a challenging schedule.
Even an Accidental Landlord Can Thrive in Missouri
Being an accidental landlord doesn't have to feel like a curse. Instead, you can turn it into a blessing with the above tips.
Be sure to team up with PMI STL Metro. Doing so can allow you to enjoy holistic solutions that will lighten your load. From tenant screening to property maintenance, the PMI team can cover your Missouri needs.
Don't wait to take advantage of PMI STL Metro's offer of a free rental analysis, too.
