According to recent census data, just under half of Kansas City residents are renters. The local rental market is competitive, but with the right property management strategy, you can keep your properties occupied and your tenants happy.
Effective property management involves:
- Legal compliance and awareness
- Strong tenant screening
- Property maintenance
- Competitive pricing
- Commitment to tenant relations
Ready to learn more about each of these five pillars of property management? Read on to dive in.
1. Understand Landlord and Tenant Rights
Nothing will undermine your rental success faster than legal troubles. Before you start renting out a property, you need to familiarize yourself with landlord and tenant rights guaranteed by federal, state, and local law.
You can find the recently passed Tenant Bill of Rights on the Kansas City government website. You can find additional resources through the US Department of Housing and Urban Development (HUD).
2. Screen Your Tenants
When you're leasing to tenants, you want to think about the long-term. Thorough tenant screening involves:
- Background checks
- Income verification
- Credit checks
- Rental history assessments
The goal is to find a tenant who will comply with your lease and pay rent on time. The more stable a tenant seems and the stronger their renter history, the more likely you'll be to pursue lease renewal.
3. Create a Maintenance Plan
One of the most rigorous elements of property management is property maintenance. As a landlord, it's your job to provide a safe and livable environment for your tenant. You're responsible for things like:
- Plumbing
- Electric
- Structural elements (e.g., roofing)
- Pest control
Rentals require both preventative and emergency maintenance. If you aren't prepared to be on call at all times, hire property managers who will.
4. Set Competitive Prices
With a tight rental market, you need to find several ways to stand out from your competitors. One of the most important things to do is set your rental prices based on:
- Guaranteed and estimated costs (e.g., mortgage payments and maintenance)
- Location and desirability
- Rental trends and comparisons
Raising the rent every year is not always the best move. Always watch what your competitors are doing and make sure you're not out-pricing them.
5. Build Strong Tenant Relations
Once you've signed new tenants, it's up to you to maintain a positive relationship with them. This is a great way to secure lease renewals and decrease vacancies.
Make sure you're available for things like tenant complaints or maintenance requests. Always practice open communication when you need to schedule things like inspections. The easier you make life for your tenants, the more they'll consider staying another year.
Need Professional Property Management in Kansas City, MO?
At PMI Foutain City, we offer more than just rental property tips. We understand that not every real estate investor wants to become a landlord. That's why we offer professional property management services that make a difference.
PMI is a national company with over 20 years of experience. Here in Kansas City, we've taken those time-tested services and catered them to the unique market and renters here in Kansas City. Contact us to learn more about our customizable property management services.
