Did you know that individual investors own 70% of the 19.95 million rental properties in the US? If you're now among them, congratulations! Becoming a landlord can feel daunting if you don't have the right rental property advice, though.
Before listing the property for rent, review these tips for Hendersonville accidental landlords. With this rental property advice, you can find renters, generate revenue, and remain competitive. Thrive in the Hendersonville real estate market today!
Research Hendersonville Real Estate
Before updating or listing the property, learn more about current Hendersonville real estate trends. For example, about 44% of renters in Henderson County struggle to keep up with monthly payments.
In 2021, the city was nearly 2,000 units short of what the population required for affordable housing. This information can help you set competitive rental rates that will attract renters.
Complete a rental analysis before setting rental rates. For help, consult a property management company. They'll help you set rates based on current market trends.
Compare your rental property to others in the area. What amenities or features can you add? Choose upgrades that will enhance the property's value, like:
- New flooring
- Backsplash
- Smart home technology
- New kitchen appliances
- Energy-efficient windows
A few small upgrades can make the property more desirable. You'll generate more applications, opening your tenant pool.
Screen Tenants
Review North Carolina's landlord-tenant laws before selecting renters. This includes tenant screening laws. When screening tenants, consider:
- Criminal background checks
- Employment
- Rental histories
- Eviction histories
- References
- Credit scores
You can outsource this process to save time and adhere to screening laws. A property manager will help you select reliable renters.
Choosing great renters now can help you avoid landlord stress in the future. You can retain these renters to improve your occupancy rate.
Invest in Real Estate Marketing
Need to attract tenants in a tough market? Optimize your rental listing to appear for online searches. The listing should include:
- A strong headline
- Location-specific language
- A detailed description
- High-quality photos
- A call to action
- Your contact information
- A list of amenities and features
- The rental rate
Use real estate marketing to help Hendersonville tenants find your listing. These strategies include paid advertising and social media marketing.
Automate Rent Collection
You can automate real estate management tasks to save time. Provide your renters with access to an online portal. From there, they can automate rent payments and send maintenance requests.
Create an emergency fund before you start receiving requests. Otherwise, delays could frustrate your tenants. They expect you to provide a habitable living space.
Request Real Estate Management
You don't have to apply these property management tips alone. Instead, hire a Hendersonville property manager. Rely on their industry expertise to thrive in today's real estate market.
A full-service property management company can save you time and money. You can generate passive income instead of worrying about the property.
Thrive Alongside Accidental Landlords
Some accidental landlords make costly mistakes as they get their footing in the real estate market. Instead, hire a property management company. Their services can help you remain profitable.
Our team at PMI Blue Ridge is part of a fast-growing franchise that's been changing the industry for nearly 20 years. Rely on our state-of-the-art technology and award-winning services. Contact us now for a free rental analysis.
