As more Americans struggle to pay rent, more mom-and-pop landlords are taking a hit. Currently, a third of individual landlords are from low- to moderate-income households. These low-income landlords are more reliant on property income.
If you're experiencing similar landlord stress, ask for help! Read on to discover landlord tools and resources you can use to ensure success.
Invest in Tenant Screening
Unreliable, troublesome tenants can become a major source of stress for landlords. Before selecting renters, invest in tenant screening services. About nine in 10 landlords use these reports to assess applicants.
A thorough report should include:
- Eviction histories
- Rental histories
- Credit scores
- Employment verification
- References
Some reports only provide a computer-generated "thumbs-up or thumbs-down" recommendation. You may not receive enough information to make an informed choice.
Rely on a property management company that has an established process. They can gather more comprehensive reports. You can choose renters who will pay on time and respect your property.
Prepare a Landlord Emergency Fund
You can't anticipate what will happen once renters move in. Start building a landlord emergency fund now. If there's an accident, you won't have to pay out of pocket.
Your emergency fund can cover taxes, maintenance, or extensive repairs. To avoid more expensive projects, schedule routine rental property inspections. You can spot smaller issues before the damage becomes severe.
Start researching a list of Virginia Beach contractors before you need their services. You won't have to waste time vetting options when there's an emergency.
Use Property Management Software
Completing the same simple tasks each day can steal hours from your schedule. Use property management software to save time and money.
Allow tenants to use an online portal for:
- Messaging
- Submitting rent payments
- Reviewing and storing lease documents
Automate responses to reply to simple inquiries quickly. Otherwise, hire a property manager. They can respond to messages on your behalf.
Swift responses can increase tenant satisfaction rates. Keeping tenants happy can increase lease renewals. You can worry less about the cost of vacant properties.
Outsource Landlord Responsibilities
You don't have to juggle these landlord responsibilities. Instead, hire a property manager. Their services can save you time and maximize your earning potential.
Choose a full-service property management company that offers:
- Tenant screening
- Real estate marketing
- Evictions
- Maintenance and repairs
- Rent collection
- Inspections
- Accounting and reporting
Their range of services and professional landlord tools will allow you to operate more efficiently. Their proven strategies will maximize your earning potential. You can generate more rental income without unnecessary stress.
Avoid Landlord Stress in Virginia Beach, VA
Being a solo landlord doesn't have to feel stressful. Instead, partner with an experienced property management company. Their professional services can ensure you avoid stressful situations while maximizing your profitability.
Look no further for help than PMI Virginia! Our team has 20 years of property management experience. We use state-of-the-art technology and award-winning strategies to support landlords like you.
Discover what makes us the number one property management company! Contact us today to avoid feeling overwhelmed by your landlord responsibilities.
