According to a chief economist at real estate data website CoreLogic, more people are becoming accidental landlords. In 15-20% of transactions in the Dallas market, homeowners who buy a new home choose to keep their old one.
Have you joined this group of accidental landlords in Frisco, TX? Before finding renters, establish a plan for managing a rental property.
Otherwise, you may struggle to maximize your profitability. Use these landlord tips in Frisco to ensure your success!
Review Frisco Property Management Laws
Before selecting tenants, review local, state, and federal housing laws and regulations. State laws cover:
- Application laws
- Tenant screening laws
- Security deposit laws
- Tenant rights to withhold rent
- Late fees and disclosures
- Termination and eviction rules
Neglecting to follow these regulations could lead to landlord stress and legal trouble, including fines. Before that happens, consult a property management company. Rely on their expertise to remain compliant.
Prepare the Rental Property
You may lose the chance to attract renters if the property is falling apart. Effective Frisco property management includes regular inspections and preventative maintenance.
Inspections will allow you to spot potential problems with the rental before they worsen. You can use preventative maintenance to make smaller repairs before expenses stack up.
Consider upgrading the property to attract more Frisco renters. Appealing upgrades include:
- Backsplash
- New floors
- Energy efficient windows
- Smart home technology
- Bathroom upgrades
- New kitchen appliances
While managing the rental property, allow tenants to submit maintenance requests online. Respond to these requests promptly to increase tenant satisfaction rates.
You can outsource this task to a Frisco property management company. They'll hire reliable contractors at competitive rates, saving you both time and money.
Find and Screen Tenants
Open your tenant pool using digital marketing. Start by optimizing the online listing to include:
- A compelling headline
- A detailed description
- Eye-catching photos and videos
- Location-specific language
- A competitive rental rate
- Your contact information
A property management company can optimize your online listings, ensuring you attract tenants. Otherwise, the unit may sit empty, costing you potential earnings.
Before selecting tenants, develop a screening process. Your property manager will ensure you choose trustworthy individuals. You can retain these renters to boost your profitability.
Request Property Management Advice
Becoming a landlord can feel daunting if you lack experience. Instead, request professional property management advice. Your Frisco property management company can assist with:
- Accounting
- Marketing
- Tenant screening
- Evictions
- Inspections and maintenance
Outsourcing these tasks can help you avoid costly mistakes. Rely on your property manager's industry experience to gain a competitive advantage. Their services will help you operate efficiently, boosting your profitability.
Compete With Other Accidental Landlords
Competing with other accidental landlords can seem stressful. Instead, work with a Frisco property management company. Partnering with professionals can ensure long-term success in a competitive market.
Look no further for help managing a rental property than PMI North Texas. We use state-of-the-art technology that allows you to track each property's performance in real-time.
Trust our professional commitment to add value to your property through honesty, communication, and accuracy. Contact us now for a free rental analysis.
