There are now over 19.95 million rental properties (containing 48.2 million units) in the US. About 70% of these are owned by individual investors. As a new landlord, do you have what it takes to stand out from this growing crowd?
The most successful accidental landlords develop a plan to become masters of the real estate investing industry. Read on for the five tips you need to ensure your success in a competitive market!
1. Leverage Digital Marketing
Without a digital marketing strategy, your New York City investment properties will remain vacant. The rental vacancy rate in the US has increased in the past few years. As your properties sit vacant, you'll lose thousands of dollars in revenue every month.
Digital marketing strategies will put your properties in front of interested renters. Use an omnichannel approach to maximize your online visibility. These strategies include:
- Content creation
- Search engine optimization
- Paid marketing
- Email marketing
- Social media marketing
Hire a professional photographer to capture images and videos of your listings. Beautiful imagery will help your properties stand out online.
Optimize your online listings. Include an attention-grabbing header, location-specific language, and a detailed description of the property.
2. Create an Emergency Fund
Ignoring maintenance requests can lead to frustrated renters and legal consequences. Start building an emergency fund before you gain new tenants. You can use this fund to cover maintenance and repairs.
Use routine inspections to count issues before they get worse. You can make small repairs instead of huge renovations.
3. Research Homes for Rent
Complete a rental analysis to gain a better understanding of the local market. Consider making small upgrades to help your property stand out. Choose upgrades that increase the property value to attract renters.
If you need help, hire a property management company. Their resources will help you gain a competitive advantage.
4. Screen Applicants
Develop a tenant screening process. Screening applicants will help you avoid renters who may cause damage or pay rent late.
Your property managers can handle this process for you. Outsourcing will save you time and money.
5. Hire a Property Management Company
Rely on efficient property management services to ensure your success. Choose a full-service property management company that offers:
- Tenant screening
- Marketing
- Accounting
- Maintenance and repairs
- Evictions
Their services will help you gain a competitive edge. You can operate more efficiently and avoid making costly mistakes.
Your property managers can help you develop better tenant relations. Improving tenant satisfaction rates can lead to more lease renewals. Increasing renewals will boost your occupancy rate and ROI.
Join the Best Accidental Landlords
The most successful accidental landlords develop a plan before attracting renters to their properties. Use these five tips to ensure your success in New York City's real estate market. Remember, you can always ask for help.
PMI Paramount has been changing and perfecting the property management industry for nearly 20 years. We use state-of-the-art technology and award-winning strategies to support our clients in real time.
Find out what makes us the number one property management company. Contact us today to simplify your real estate investing efforts!
