4 Tips for Accidental Landlords

4 Tips for Accidental Landlords

If you recently inherited property in Parker, CO, congratulations! You're now among investors who own the other 14.3 million investment properties in the US. Do you have what it takes to gain a competitive advantage?

The most successful accidental landlords develop a plan to ensure long-term profitability. Not sure where to start? Read on for the real estate investing tips you need to thrive in today's competitive market.

1. Market Homes for Rent

Without a comprehensive marketing strategy, renters will never realize your Parker real estate property is available. First, clean and stage your rental property. Complete any necessary repairs and make a few small cosmetic updates.

For example, you can:

  • Add a fresh coat of paint
  • Invest in landscaping services
  • Add outdoor lighting fixtures
  • Stage the property
  • Add energy-efficient windows
  • Update the kitchen appliances

These small changes can make the property more attractive. Choose small property upgrades that will have a big impact on the property value.

Update your listing and highlight these upgrades. Use them as a unique selling point to make the property more desirable. Invest in digital marketing to ensure people find your listing online.

2. Screen Applicants

Without a tenant screening process, you could unintentionally choose unreliable renters. Comprehensive reports include:

  • Criminal background checks
  • Employment verification
  • Eviction histories
  • Rental histories
  • References
  • Credit reports

Not all online tenant screening reports are accurate. Consider outsourcing. Avoid renters with a history of late rent payments and evictions.

3. Prepare for Emergencies

Neglecting to fulfill maintenance requests can upset your renters. They may complete the repairs themselves and deduct the cost from their rent. Some may move out, affecting your occupancy rate.

Start creating an emergency fund to prepare for unexpected maintenance costs. Complete maintenance tasks on time.

Consider using an online tenant portal for more effective maintenance coordination. From there, renters can submit requests, ask questions, or automate rent payments.

4. Hire a Property Manager

Ensure your success as a landlord by outsourcing to a property management company. The best property managers in Parker will help you operate more efficiently. A full-service property management company can handle:

  • Evictions
  • Tenant screening
  • Marketing
  • Maintenance and inspections
  • Rent collection

Relying on their services will save you time and money. Choose property managers who are aware of local real estate trends. They can help you complete a rental analysis.

You'll have an easier time setting rental prices. If the rate is too high, you'll scare renters off. If it's too low, you'll lose money.

Relying on professional services will help you maximize your profitability. You can avoid long-term vacancies and invest in your success.

The Top Accidental Landlords Outsource

If you want to become one of the top accidental landlords in Parker, Colorado, don't wait until you think you need help. Instead, rely on professional property management services. Working with the best property managers in Parker can ensure long-term success.

Our team at PMI Parker uses award-winning strategies and state-of-the-art technology. We can help maximize your profitability.

Find out what makes us the number one property management company. Contact us today to request our services!