According to rent payment solution company Flex, about 10.6 million Americans earn income from rental properties. They have an average income of $97,000. Many accidental landlords, however, struggle to compete and reach this profitability.
If you need unexpected rental property management advice, we can help! Read on to discover our tips for new landlords in Neenah.
With these tips, you can protect your rental property, find renters, and maximize your profitability. Ensure your success managing rental properties in Neenah today!
Review Neenah Laws and Market Trends
Before marketing your rental property, protect yourself legally. Review local, state, and federal housing laws and regulations. Wisconsin's landlord-tenant laws cover:
- Required landlord disclosures
- Security deposit limits and returns
- Small claims lawsuits
- Unconditional quit notices
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access a property
Federal rules cover discrimination and your responsibilities to disclose environmental health hazards. For help navigating these laws, consult a property management company. They'll ensure you stay compliant, allowing you to avoid fines and lawsuits.
Review current market trends to proactively start navigating accidental landlord challenges and recognizing opportunities. Note common property upgrades, up-and-coming neighborhoods, and rental rates.
A property management company can complete a rental analysis on your behalf. Leverage their expertise to set competitive rates that will attract renters.
Find, Screen, and Retain Renters
Develop a marketing strategy that includes:
- Search engine optimization
- Optimizing the rental listing
- Social media marketing
- Email marketing
- Paid advertising
These strategies will help you gain more online visibility. As people see your listing, you'll generate more applications.
Work with a property management company to streamline your tenant screening process. Their services will ensure you review:
- Rental histories
- Criminal background checks
- References
- Eviction histories
- Credit scores
This information will help you select trustworthy renters. Your property manager can help you develop a tenant retention strategy to keep these renters beyond one leasing cycle. Retaining renters will improve your occupancy rate and earning potential.
Outsource Managing Rental Properties in Neenah
Instead of applying these tips for new landlords in Neenah alone, outsource. Partner with a full-service property management company that offers:
- Rent collection
- Tenant screening
- Accounting
- Property marketing
- Maintenance and repairs
Choose a team with years of experience managing rental properties in Neenah. Their local expertise can help you gain an advantage in a competitive market. Use their proven leasing strategies to maximize your earning potential.
For example, they can use state-of-the-art technology to accept tenant inquiries and maintenance requests. Keeping up with repairs will ensure you protect your rental property. Using this technology will ensure you operate efficiently.
Compete With Neenah Accidental Landlords
Competing with other Neenah accidental landlords can feel daunting if you lack real estate management experience. Instead of applying these strategies alone, partner with a full-service property management company like PMI Appleton.
We provide owners with real time access to how their properties perform using state-of-the-art software. Trust our commitment to honesty, accuracy, and communication.
We're here to help you maximize your earning potential using proven and effective strategies. Contact us now for a free rental analysis.
