Did you know that 10.6 million Americans earn income from rental properties? If you're now among them, congratulations! Joining the ranks of accidental landlords in Richmond, VA can feel daunting, though.
Instead of going in blind, use our accidental landlord advice. With these property rental tips, you can excel in a competitive market. Set yourself up for success today!
Research the Richmond Rental Market
Before applying the rest of these tips, research the Richmond rental market. For example, what upgrades do renters hope to find in current listings? Appealing to their needs will help you attract tenants.
Gather landlord legal tips before you choose renters. Start by reviewing the state's tenant-landlord laws. These cover:
- Required landlord disclosures
- Security deposit limits and returns
- Small claims lawsuits
- Termination and eviction rules
- Tenant rights to withhold rent
- Bounced check fees
- Landlord rights to access a property
- Tenant protections against retaliation
Review the federal landlord-tenant laws and regulations. These cover housing discrimination and environmental health hazards.
If you need help, consult a property management company. They'll ensure you remain compliant, allowing you to avoid fines and lawsuits.
Leverage Digital Marketing
Use digital marketing to reach potential renters online. Start by cleaning and upgrading the property. Hire an experienced real estate photographer to capture your beautiful listing.
Share these photos using:
- Social media marketing
- Paid advertising
- Content marketing
- Email marketing
- Search engine optimization
Stand out online by creating virtual tours and video tours. Tenants can explore the listing online to determine if it meets their needs.
Make sure to update the online listing. Include a compelling headline and a detailed description of the property. Leverage storytelling language to draw and keep the renter's attention.
Screen Applicants
Before choosing renters, develop a thorough tenant screening process. Otherwise, you may choose renters with a history of causing damage. Your tenant screening process should include:
- Eviction histories
- Rental histories
- Employment verification
- Credit scores
- References
This process can take time, especially if you have multiple applicants. Consider outsourcing. A property management company can select reliable renters on your behalf.
Maximize your earning potential by retaining great renters. You won't have to waste money on marketing and tenant screening.
Complete Maintenance
Create an emergency fund to cover future expenses, including maintenance. Schedule routine inspections to confirm the property is in good shape. You can complete smaller repairs instead of big renovation projects.
Allow tenants to submit requests using an online portal. This will help you remain organized and efficient.
Choose Property Management in Richmond, VA
Instead of completing these tasks alone, outsource. Hire a property management company in Richmond. A full-service company can handle marketing, tenant screening, and more on your behalf.
Excel Among Accidental Landlords
Competing with other accidental landlords can become stressful. Instead, hire a property management company. Leverage their experience and expertise to ensure your success.
Our team at PMI Presidential is recognized among multiple industries for our strong track record of success. We even have the prestigious awards to prove it.
We can maximize your earning potential using our proven strategies and state-of-the-art technology. Contact us now for your free rental analysis.
