According to JP Morgan Chase, of the US's 50 million rental housing units, 41% are owned by mom-and-pop landlords. If you've recently joined them, congratulations!
Unfortunately, many accidental landlords struggle to find their footing in today's competitive landscape. Before selecting renters, apply these rental management tips. Use this advice to excel as a landlord in Wichita, KS!
Research Landlord-Tenant Laws
Before finding Wichita renters, research the area's landlord-tenant laws. These laws govern your relationship with tenants. They cover:
- Rental applications
- Tenant screening
- Security deposits
- Required landlord disclosures
- Late fees
- Small claims lawsuits
- Termination and eviction rules
- The warranty of habitability
- Tenant rights to withhold rent
- Landlord rights to access properties
Track changes to federal, state, and local housing laws and regulations. For help, consult a property management company. They'll help you remain compliant, ensuring you avoid lawsuits and fines.
Property Maintenance Basics
Start preparing for maintenance expenses before the property needs repairs. Create an emergency fund to cover these costs. Use this fund to cover taxes, evictions, and other expenses.
Research other properties in Wichita. How does yours compare? Consider making upgrades to enhance the property, such as:
- Fresh paint
- Updated landscaping
- New floors
- Energy efficient windows
- Smart home technology
- New kitchen appliances
Upgrading the property will give you a competitive advantage. You can attract more applicants and increase your rental rates.
Remain proactive by scheduling routine inspections. Make minor repairs before the property deteriorates.
Otherwise, allow tenants to submit maintenance requests through an online portal. Proper upkeep will improve their satisfaction rates.
Digital Property Marketing
Find renters in Wichita using digital property marketing strategies. After optimizing your property listing, share it using:
- Content marketing
- Email marketing
- Paid advertising
- Social media marketing
- Search engine optimization
Marketing campaigns can become costly if you lack experience. Consider allowing a property manager to monitor them for you.
Screen and Retain Tenants
Develop a tenant screening process before selecting applicants. Reports should include:
- Eviction histories
- Credit scores
- References
- Employment verification
- Rental histories
- Criminal background checks
Outsource this process to gather accurate reports. Your property manager can help you adhere to tenant screening laws. With their help, you can find great renters you can trust.
Retain these renters to improve your occupancy rate. Use incentives to encourage them to stay.
Choose Wichita Property Management
Instead of applying these rental management tips alone, partner with an expert. Choose a full-service property management company with years of local experience. Leveraging their expertise can help you discover effective rental income strategies.
For example, they can help you complete a rental analysis. They'll ensure you set competitive rates that will maximize your profitability.
Excel Among Accidental Landlords
Don't make the mistakes of the accidental landlords before you. Instead, partner with a property management company. Their expertise can give you a competitive edge in Wichita's rental market.
Our property managers at PMI Air Capital have been perfecting the industry for almost 20 years. We're recognized across multiple industries for our strong track record of success.
Use our state-of-the-art technology and award-winning strategies to maximize your profitability. Contact us now for a free rental analysis.
