About 41% of rental properties experience some form of vacancy every year. Without a strategy in place, you could lose money as an accidental landlord. Instead, learn how to manage your Nashville, TN property to generate more revenue.
Not sure where to start? Read on for the tips you need to excel as a landlord in Nashville!
Review Tenant-Landlord Laws
Understanding key tenant-landlord laws will help you remain compliant. These laws include:
- Small claims lawsuits
- Security deposit limits and returns
- Required landlord disclosures
- Tenant rights to withhold rent
- Late fees
- Landlord rights to access properties
- Termination and eviction rules
Review the latest federal laws as well. These regulations include discrimination and disclosing health hazards.
Neglecting to follow fair housing laws can lead to fines or lawsuits. Consult a property manager. They can help you remain compliant before you begin drafting lease agreements.
Develop Marketing Campaigns
Reduce vacancies by developing ongoing marketing campaigns. First, enhance the rental property. If it looks neglected and worn down, renters won't consider it during their online searches.
Strategic upgrades will enhance the property's value and give you a competitive advantage in today's rental market. Mention these upgrades while optimizing your online listing.
Use multiple platforms to attract potential renters. For example, you can share video tours using social media marketing.
Before tenants move out, ask if they're comfortable reviewing their experience. Their glowing reviews can help you attract future renters.
Outsource Tenant Screening
Before selecting tenants, develop a tenant screening process that adheres to local laws. A thorough process should include:
- Criminal background checks
- Credit scores
- Eviction histories
- References
- Employment verification
Choose renters you can trust with your rental property. You can outsource this process to a property manager to save time.
Once you find reliable renters, develop a tenant retention process. Keeping great tenants will improve your occupancy rate. You'll save money on tenant screening and marketing, allowing your ROI to improve.
Complete Property Maintenance
Build an emergency fund before you need it. Use this fund to cover routine inspections, maintenance, and repairs. Check essentials (like the HVAC, plumbing, and electricity) at least once a year.
Allow renters to submit requests using an online tenant portal. This will allow you to track projects and recognize delays. Otherwise, tenants may decide to withhold rent if you fail to maintain the property.
Consult a Property Manager
Instead of juggling your responsibilities as a landlord, outsource. Hire a full-service property management company. Your property manager can handle:
- Rent collection
- Inspections and maintenance
- Tenant screening
- Evictions
- Marketing
Outsourcing these tasks will save you time and money. You can generate passive income and know your properties are in good hands.
Succeed as a Nashville Accidental Landlord
Being an accidental landlord shouldn't be stressful. Instead, consider outsourcing. Partner with a property management company to make the most of your rental property.
Our team at PMI Greater Nashville is part of the number one property management franchise in the country. We have a strong record of success and the awards to prove it.
Trust our 20 years of industry experience, proven strategies, and state-of-the-art resources. Contact us today for help with your rental property.
