Did you recently inherit property? Congratulations. You now have the opportunity to earn an average of $97,000 a year!
Without the right property management tips, however, you could struggle to compete with other Indianapolis accidental landlords. Not sure where to start in today's competitive market? Read on for tips you need to ensure lasting success!
Research the Indianapolis Rental Market
To avoid making costly mistakes (some of which can lead to legal trouble), research the Indianapolis rental market. This includes:
- Local landlord-tenant laws
- Federal housing laws and regulations
- Property upgrade trends
- Average rental rates
Researching the local rental market can help you discover ways to stay competitive. Use your research to complete a rental analysis. This will ensure you offer tenants desirable rates.
Setting your rental rates too high will scare away potential tenants. Your properties could sit on the market for months. Setting rates too low can cost you potential earnings.
If you need help, consult a rental property management company. Rely on their expertise to make informed decisions.
Choose a company that understands local, state, and federal laws. They'll ensure you remain compliant. This can help you avoid lawsuits, fines, and other repercussions.
Automate Landlord Responsibilities
Completing multiple landlord responsibilities manually can steal time from your already busy schedule. Instead, use automation tools to operate more efficiently.
For example, you can have tenants submit rental payments through an online portal. They can automate payments, reducing the likelihood they'll send rent late. If tenants do pay late, the portal will charge late fees.
You can use this tenant portal to track and schedule maintenance projects. Failing to complete maintenance quickly could lead to complaints from tenants. Their satisfaction rates will drop, making it more difficult for you to secure lease renewals.
Schedule regular inspections to ensure the property is in good shape. You can use the portal to remain organized and efficient.
Outsource Managing Rental Properties
Managing rental properties alone can be stressful. Instead, hire a rental property management company. A full-service company can help with:
- Tenant screening
- Marketing
- Rent collection
- Maintenance and inspections
- Evictions
Relying on their services can improve your ROI. You can find and retain tenants to avoid long-term vacancies.
Tenant screening services can help you avoid renters with a history of criminal activity, evictions, or late payments. Instead, you can choose renters you want to retain.
Choose a company that uses state-of-the-art technology to remain organized and efficient. Rely on their proven rental income strategies to maximize your earning potential. With their help, you can make the most of becoming an accidental landlord.
Excel Among Accidental Landlords
Competing among other Indianapolis accidental landlords can feel daunting. It doesn't have to be, though! Instead, ensure your success by outsourcing these tasks to a property management company.
Our team at PMI Meridian Management is part of a fast-growing franchise. We've been changing and perfecting the property management industry for nearly 20 years.
Rely on our award-winning strategies, state-of-the-art technology, and industry expertise. Contact us now for a free rental analysis.
