About 10.3 million people own the 20 million rental properties in the US. If you're new to investing in real estate, congratulations! However, this competition could keep you from experiencing success.
After you buy a property, you need to complete a rental analysis, start marketing, and more! Not sure where to begin? Read on for the tips you need to ensure your success as a first-time landlord.
Complete a Rental Analysis
Before listing your rental property online, complete a rental analysis. Research other rental properties in the area. Look for properties similar to yours.
Completing a rental analysis will ensure you set the right rental rate. If the rate is too high, you'll scare away interested renters. If it's too low, you'll lose money.
If you need help, work with an experienced property management company. They'll use dynamic pricing tools to determine the ideal rental rate. With their help, you can maximize your earning potential.
Market Your Rental Property
Your investment property will sit vacant if you don't develop a marketing strategy. A comprehensive strategy includes:
- Optimizing the listing
- Social media marketing
- Video marketing
- Search engine optimization
- Email marketing
- Paid advertising
- Content creation
After you buy a property, complete as many aesthetic updates as possible. Consider a fresh coat of paint or improving the curb appeal. These updates will ensure the property makes a strong first impression.
Hire a professional photographer who offers virtual tour services. High-quality photos will help the property stand out online. You can use these materials for the rest of your digital marketing strategy.
Optimize your listing using location-specific keywords. The property will appear as people search for Portland rental properties.
Know the Law
Review local, federal, and state housing laws as soon as possible. Ignoring new laws and regulations can lead to legal consequences.
If you need help, hire a property management company. They'll help you avoid legal fines and compliance issues. Discuss leasing documents, terminations, and house rules before you accept your first tenant.
Create an Emergency Fund
You can't anticipate what emergencies will arise. You may have to pay for sudden repairs.
Create an emergency fund right away. You can use this fund to cover maintenance requests and other emergencies. If you don't maintain the property, your renters may decide to take legal action.
Request Landlord Rescue Services
Being a landlord on your own can get stressful fast. If you need help, don't hesitate to request landlord rescue services.
A full-service property management company can help you operate more efficiently. Their services will save you time and money. You can avoid stressful situations and instead thrive in today's real estate market.
Excel at Being a Landlord in Portland
Being a landlord for the first time can feel daunting. Complete your rental analysis and list your rental property as soon as possible. With these tips, you can find amazing renters and succeed as a new landlord.
You don't have to manage your rental property alone. Prop M Inc. is dedicated to providing comprehensive, personalized property management services. We pride ourselves on our attention to detail and work ethic.
We're open 365 days a year to ensure you receive the help you need. Contact us today to request our services!
