Did you know that only 45% of landlords in the US manage their own rental properties? The rest outsource to property management companies. Without help, you could scramble to find your footing among other Dayton accidental landlords.
Instead, read these property management tips to gain a competitive advantage. With these strategies, you can simplify managing a rental property. Ensure your success today!
Research the Dayton, OH Rental Market
Before applying the rest of these tips, research the local real estate market. Consider:
- Up-and-coming neighborhoods
- Rental rates
- Popular property upgrades
Your research can help you complete a rental analysis. This will ensure you set optimal rental rates. Neglecting to set competitive rates could scare away renters or affect your profitability.
Consider making a few small upgrades to the property to make it more appealing to Dayton renters. You can add new floors, energy-efficient windows, or new kitchen appliances. Installing smart home features can give you a competitive edge.
These upgrades can help an old, recently acquired property stand out in the marketplace. Improving the property will also allow you to increase the rental rate.
Research Ohio's landlord-tenant laws before marketing your listings. Remain aware of new regulations to avoid fines and lawsuits.
Talk to a property manager if you need help completing a rental analysis or navigating regulations. Leverage their local expertise to avoid making costly mistakes.
Market Listings Online
Digital marketing will increase your online listing's visibility. Otherwise, you won't generate applications. An optimized listing should include:
- Location-specific language
- An attention-grabbing headline
- Details about the property
- Storytelling language
- A list of amenities or special features
- The rental rate
- A call to action
- Your contact information
Help Dayton renters find your listings using search engine optimization and paid advertising. Use social media marketing to engage renters and answer their questions.
Screen Tenants
Screen applicants before choosing renters to avoid problematic individuals. Selecting renters who pay late or cause damage can lead to excess stress.
A thorough screening process includes background checks, credit checks, and references. Check each applicant's eviction history as well. You can streamline this process by outsourcing.
Keep Up With Maintenance
Keep your new investment property in good shape by scheduling routine inspections. You can spot developing problems with the property before they worsen.
You can outsource this task to a property management company. Their preventive measures can save you money and stress.
Outsource Landlord Responsibilities
Instead of applying these property management tips alone, outsource to a property management company. A full-service company can streamline:
- Property marketing
- Inspections and maintenance
- Tenant screening
- Accounting/financial reporting
- Rent collection
Excel Among Dayton Accidental Landlords
Managing an investment property alone can be stressful. Instead, thrive among other accidental landlords. Hire an experienced property management company.
Our team at Bridge Stream Property Management can ensure less stress and more profit. We're Dayton's largest third-party property management company with over 100 years of combined experience. We pride ourselves on our superior level of service and fair prices.
We never settle and are constantly evolving to help our clients. Contact us now for a free consultation.
