How many of your stunning Hendersonville, NC rental properties now sit vacant? The rental vacancy rate in the US is over 6%. Between vacancies, maintenance requests, and late rent payments, you're bound to feel stressed.
Better manage your landlord stress using these tips. With these strategies, you can avoid burnout and boost your occupancy rate. Improve your ROI today!
Streamline Tenant Screening
Failing to screen rental applicants can leave you with troublesome tenants. Instead, develop a tenant screening process. Choose renters who:
- Aren't behind on rent payments
- Don't have a criminal background
- Don't have history of evictions
- Have a good credit score
- Don't damage properties
- Have glowing references
Not all tenant screening reports include up-to-date or accurate information. If you receive multiple applications at once, it could take you weeks to screen applicants. Minimize your workload and stress levels by outsourcing.
Know Local Laws
Neglecting to follow local, state, and federal laws could lead to legal trouble. Remain compliant by keeping up with housing laws and regulations.
For example, it's your responsibility as a landlord to provide renters with a habitable place to stay. If the property is deteriorating and you're not completing repairs, renters can take legal action. They can complete the repairs themselves, move out, or sue you.
Build professional connections with local vendors. Gather competitive bids to save money.
Create a Landlord Emergency Fund
You can't anticipate future expenses. Get ahead by building a landlord emergency fund. You can use this nest egg to cover maintenance.
Schedule routine inspections. A professional can spot minor problems before they get worse. Routine inspections can help you avoid bigger, more expensive renovation projects.
Use Property Management Software
Use property management software to save time and money. You can automate processes to work more efficiently.
Use an online tenant portal to connect rent, communicate with renters, and accept maintenance requests. Using a portal can increase tenant satisfaction rates. Respond to inquiries quickly to ensure tenants receive help without delay.
Keeping tenants happy could lead to higher renewal rates. Generating renewals will reduce your vacancy rate. You'll save money on marketing and tenant screening.
Outsource Landlord Responsibilities
You don't have to balance these landlord responsibilities solo. Instead, outsource. Hire a property management company that offers:
- Marketing services
- Accounting and reporting services
- Tenant screening services
- Eviction services
- Maintenance services
The best property management company can maximize your earning potential. They'll help boost your occupancy rate and ROI.
Choose a company that uses technology to streamline processes. They can automate tasks to save you valuable time.
Avoid Stress as a Hendersonville Landlord
Managing your investment properties alone can cause unnecessary stress. Instead, use these tips to become a successful landlord in Hendersonville. Learning how to work more efficiently will save you time and money.
Remember, you can outsource your landlord responsibilities to a property management company. PMI Blue Ridge has 20 years of industry experience. We use state-of-the-art technology and proven strategies to maximize each client's profitability.
Want to avoid future landlord stress? Contact us today for help with your Hendersonville, NC investment properties.
