According to US Census data, landlords earn about $97,000 annually. However, you may struggle to generate any income without an efficient plan. Before that happens, consider these residential property management best practices.
With these property management tips, you can attract renters, maintain your property, and generate more income. Ensure your success in today's competitive real estate market with this residential leasing advice!
Understand Residential Leasing Laws
Before selecting tenants, research Tennessee's landlord-tenant laws. They cover:
- Required landlord disclosures
- Security deposit limits and returns
- Small claims lawsuits
- Late fees
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access a property
- Tenant protections against retaliation
Research federal landlord-tenant laws, which cover discrimination and landlord responsibilities regarding environmental health hazards. Understanding these laws will help you remain compliant.
For help, consult a property management company. Rely on their expertise to avoid fines, lawsuits, and other legal issues.
Otherwise, consider getting landlord insurance. Having coverage will protect you and your property. You can require tenants to have renter's insurance before moving in for additional coverage.
Schedule Property Maintenance
Schedule a property inspection before renters move in. Allow them to submit maintenance requests online using a tenant portal. Accepting requests online will help you remain organized and efficient.
Regular inspections will ensure you catch problems immediately. You can protect your property from future damage. Otherwise, you may need to pay for even bigger repairs.
Create a list of reliable contractors before you need to schedule maintenance. Your property manager can handle this task on your behalf. They'll leverage their existing network to ensure you choose reliable contractors at competitive rates.
Tenant Management
Develop a tenant screening process. Review each applicant's:
- Employment verification
- Credit score
- Rental history
- Eviction history
- Criminal background check
- References
Vetting applicants can help you find reliable tenants. Skipping this process can lead to landlord stress. Your tenants may damage the property, pay rent late, or ignore your rental rules.
Outsource your tenant screening process to a property management company. Rely on their professional tools to find tenants worth retaining.
They can develop a tenant retention strategy to help you increase lease renewals. Generating more renewals can improve your occupancy rate and ROI. You can spend less on marketing and tenant screening while retaining your best renters.
Outsource for Property Management Tips
Instead of applying these landlord strategies alone, outsource. Partner with a full-service property management company. Their residential leasing services may include:
- Rent collection
- Marketing
- Maintenance and inspections
- Accounting
- Tenant screening
Their solutions can help you find and retain renters, leading to a higher occupancy rate and ROI. They'll ensure you avoid costly mistakes while helping you gain a competitive advantage.
Ensure Effective Residential Property Management
You don't have to navigate today's competitive real estate market alone. Instead, choose residential property management services. Working with a qualified team can ensure your ongoing success as a landlord.
PMI Middle TN uses proven solutions and state-of-the-art technology to help owners maximize their earning potential. Trust our professional guarantee to add value to your investment. Contact us now for a free rental analysis.
