There are 19.95 million rental properties in the US, with individual investors owning 70% of these listings. Are you now among them? As an accidental landlord in Orange Beach, AL, you have a lot to learn!
Use this new landlords guide to ensure your success in today's competitive market. With these tips for accidental landlords, you can generate revenue without stress. Set up your real estate endeavors for success today.
Research Landlord-Tenant Laws
Before using the rest of these first-time landlord tips, review the state's landlord-tenant laws. These cover:
- Rental application laws
- Tenant screening laws
- Small claims lawsuits
- Late fees
- Termination and eviction rules
- Landlord rights to access a property
- Tenant rights to withhold rent
- Security deposit laws
- Required landlord disclosures
Ignoring these housing regulations can lead to fines and lawsuits. For legal help, consult a property management company. They'll ensure you remain compliant.
Invest in Digital Marketing
Your new rental property will remain vacant if Orange Beach renters can't find your online listing. First, optimize the listing to provide helpful information. Include:
- A strong headline
- Location-specific language
- A description of the property
- The rental rate
- A list of amenities/special features
- A compelling call to action
- Your contact information
- High-quality photos and videos
Hire a professional photographer who can capture the property in the best light. High-quality images will engage potential renters.
Help more people find the listing with digital marketing strategies. These include email, social media, and paid marketing.
Screen Applicants
Don't select renters without screening applicants first. Review each applicant's:
- Credit score
- Criminal background
- Eviction history
- Rental history
- References
Choose a trustworthy renter with a strong track record. Tenant screening services will help you avoid problematic individuals. Otherwise, they may damage the property or pay rent late.
Automate Processes
You can save valuable time completing rental property management tasks using automation tools. For example, you can automatically charge late fees when renters fail to pay on time.
Use an online tenant portal to track maintenance requests and other inquiries. Consolidating communication will help you remain organized. If you fail to respond to a tenant's needs, they may decide not to renew their lease later.
Generating lease renewals can improve your occupancy rate. Otherwise, vacancies can cost you more in marketing and tenant screening services.
Complete Maintenance
Complete maintenance tasks in a timely manner. Otherwise, tenants could grow frustrated. Some may decide to take legal action.
Start building an emergency fund to cover these expenses as soon as possible. You can use these funds to upgrade the property. Cost-effective upgrades will help attract new renters.
Succeed as an Accidental Landlord
Becoming an accidental landlord in Orange Beach may seem daunting at first. Use these rental property management tips to remain organized. Otherwise, outsource to guarantee your success in today's competitive market.
Unlock the secret to effective property management with help from our team at PMI Integrity Properties. We have 20 years of experience perfecting the industry.
Trust our award-winning services and proven strategies to maximize your earning potential. Contact us today for your free rental analysis.
