According to the US Census Bureau, individual real estate investors own over 70% of the country's rental properties. You may struggle to compete with other accidental landlords in Kansas City, MO if you don't apply industry best practices. Without years of hands-on experience, you could make costly mistakes.
Before that happens, use our landlord resources to ensure your success. These property management tips can help you maximize your profitability in a saturated market. Gain a competitive advantage today!
Understand Local Laws
Ignoring local, state, and federal housing laws can lead to serious legal consequences (and with them, hefty fines). Take the time to review Missouri's landlord-tenant laws, including:
- Rental application rules
- Tenant screening laws
- Security deposit laws
- Late fee and disclosure rules
- Tenant rights to repair and deduct or withhold rent
- Landlord responsibilities to provide habitable rentals
- Termination and eviction rules
If you struggle to keep up with new regulations, consult a property manager. Their local expertise will ensure you remain compliant. They can help you navigate new housing laws.
Complete a Rental Analysis
Research the local real estate market to complete a thorough rental analysis. You may recognize that other rentals offer amenities that yours doesn't. Consider upgrading your property to stand out from other listings.
You can improve your property's value with:
- New floors
- Smart home technology
- New appliances
- New countertops and cabinets
- Bathroom renovations
- Improved curb appeal
After making these upgrades, consider your rental rate. Consult a property manager to set competitive rates. Leverage their expertise to maximize your profitability.
Capture stunning photos and videos of the updated property. Use these images to enhance your online listings and marketing strategies.
Investment Property Tips
Schedule regular inspections to keep the property in good shape. You can outsource maintenance tasks to a property manager. They'll hire experienced, reliable renters at competitive rates to save you time and money.
Allow tenants to submit their maintenance requests online. Using an online rental portal will allow you and renters to track repairs. Keeping up with property maintenance can improve renter satisfaction rates, leading to more lease renewals.
Tenant Management Advice
Before selecting renters, establish a tenant screening process. Review each applicant's:
- Credit score
- Rental history
- Eviction history
- Employment verification
- Criminal background check
- References
This information will ensure you choose renters you can trust. They won't damage the property, conduct illegal activity, or frustrate neighbors.
Ask your property manager for tenant management advice. They can help you boost satisfaction rates and renewals.
Request Property Management Tips
Rely on professional property management tips to ensure your success. A full-service property management company can assist with:
- Rent collection
- Property marketing
- Tenant screening
- Evictions
- Maintenance and inspections
- Property portfolio management
Relying on these services will help you operate more efficiently, boosting your occupancy rate and ROI.
Apply Our Advice for Accidental Landlords
Many accidental landlords make the mistake of juggling dozens of tasks alone. Instead, rely on professional landlord resources. Working with a property management company can boost your profitability.
Our experts at PMI Fountain City have years of experience navigating the local market. We pride ourselves on our quality services, accountability, and high standards for customer satisfaction. Contact us now for a free rental analysis.
