Have you recently joined the ranks of accidental landlords in Brainerd, Minnesota? Individual investors now own nearly 72% of America's rental properties. Many of these investors don't manage their properties alone.
Becoming a DIY landlord can be stressful, time-consuming, and even costly without a plan. With a strategy and help from a property management company, you can excel in the industry. Use these five tips to become one of the most successful landlords in Brainerd, Minnesota!
1. Start Marketing
Potential renters will never find your investment properties if you don't develop a digital marketing strategy. Your investment properties will sit vacant, costing you rental income. The rental vacancy rate in the US has increased, meaning more landlords are struggling to find tenants.
Create an omnichannel digital marketing strategy to appear in front of as many local renters online as possible. Your plans can include:
- Content creation
- Search engine optimization
- Paid advertising
- Email marketing
- Social media marketing
Hire a professional photographer to take beautiful images of your investment property during the golden hour. You can share these photos on your property listing or using social media.
Eye-catching, high-quality images will attract more people to your property listing. Add a call to action to the listing encouraging people to schedule a tour or apply.
If you're struggling to develop your marketing strategy, work with a property management company. They can market your listing on multiple sites, allowing you to generate more visibility.
2. Screen Applicants
Would you trust a stranger off the street with your investment property? Taking the time to screen tenants can help you avoid problematic individuals. Otherwise, you could select renters who:
- Damage properties
- Pay late
- Upset neighbors
Many tenant background checks don't contain accurate information. Consider outsourcing to your Brainerd property management company. They can save you time, money, and stress by completing this process for you.
3. Schedule Property Maintenance
Protect your investment property by scheduling routine property maintenance and inspections. Completing smaller maintenance projects can help you avoid more expensive repairs.
Your Brainerd property manager can gather competitive bids from local vendors. You can hire professionals at competitive rates to avoid overspending.
4. Evaluate Your Rental Income
Don't wait for an emergency to drain every cent from your accounts. Start building an emergency fund as soon as possible. You'll have peace of mind knowing you have the funds to cover an incident.
Talk to your property management company about insurance options. Protect yourself and your investment.
5. Request Landlord Advice
If you're struggling as a DIY landlord, contact a property management company. Their services can cover:
- Tenant screening
- Financial reporting
- Rent collection
- Maintenance and inspections
Their services can save you time and money. You can lean on their expertise to make informed decisions as a landlord.
Join the Successful, Accidental Landlords in Brainerd
Many accidental landlords fail because they neglect to develop a plan of action. Use these five tips to ensure your success as a landlord. Remember, you can always turn to your property manager for advice.
PMI Minnesota uses state-of-the-art technology to help clients maximize their earning potential. We're the number one property management company with the awards to prove it. Contact us today to ensure your success as a landlord!