Individual investors own about 72% of the rental properties in the US. If you're new to investing in real estate, you have a lot of competition. Without help, you may experience landlord stress and financial trouble.
Instead, consider requesting landlord rescue services. Marketing, tenant screening, and other types of services can ensure your success in a competitive industry.
Not convinced you need help? Read on to discover the reasons to outsource today.
High Vacancies
If you own multiple properties, you'll lose money fast if they're sitting vacant. The national rental vacancy rate has only increased over time. To avoid vacancies, hire a property manager.
An experienced property management company can develop an effective marketing strategy to help you reach tenants. They'll help by:
- Cleaning and staging the property
- Hiring a real estate photographer
- Updating the online listing
- Creating eye-catching digital ads
- Engaging renters on social media
- Nurturing leads using email marketing
An omnichannel marketing strategy will help you reach as many renters as possible in Brainerd, Minnesota. Improving your online visibility will help you generate more applications.
Problematic Tenants
Many new landlords rush through the process of accepting new tenants without screening applicants. Some only focus on an applicant's financial status. You could end up with troublesome renters as a result.
Instead, look for a property management company that offers tenant screening services. Screening applicants can help you avoid renters who may:
- Bother neighbors
- Cause property damage
- Refuse to pay rent
Not all tenant screening reports are accurate, especially if you choose the DIY route. Hire a property manager to gather comprehensive reports. They'll complete a competitive background check, review credit scores, and verify the applicant's employment.
These types of services can help you avoid stressful renters. Instead, you can discover tenants you'll want to retain long-term.
Low Renewals
Once the nation's vacancy rate declines, you could have a more difficult time competing with other landlords. Hiring a property manager can help you encourage lease renewals. Retaining tenants will improve your occupancy rate and ROI.
Your property manager can nurture stronger tenant-landlord relations. They can encourage renewals with incentives or property upgrades.
Legal Trouble
If you're a new real estate investor, you could encounter legal trouble without help. You need to comply with local, state, and federal laws and regulations. Otherwise, you'll receive a fine.
Your property manager can help you navigate new laws. They'll ensure you remain compliant.
You Feel Stressed
Managing stress as a new landlord can seem impossible as you gain your footing. Hire a property manager who can help you operate more efficiently.
They'll use proven strategies and the latest technology to ensure your success. For example, tenants can automate rent payments using an online portal. You won't have to go door to door.
Call for a Landlord Rescue Today
Do these stressful situations sound familiar? Don't want to request landlord rescue services. Working with a property management company can ensure your success in a competitive industry.
PMI Minnesota uses the latest technology and award-winning strategies to help landlords maximize their earning potential. You can depend on our team's 20 years in the industry.
Discover the highest quality property management services. Contact us today for a rescue!
