Are you a real estate investor in Memphis, Tennessee? You've made a wise choice, as Tennessee remains one of the most popular states to live in. Just two years ago, it was one of the top states in the country to move to.
But this also brings in its own challenges. You may have homes for rent that remain vacant for several months. How do you decrease these vacancy rates?
Read on for a guide that will show you the essential landlord tips and tricks to help you build a business with your Memphis properties.
Homes for Rent Need Curb Appeal
The first step is to improve your actual and digital curb appeal. This means that your homes for rent should look appealing outside.
This means that you shouldn't advertise your properties if they require a paint job. Get them painted before you promote them. Likewise, make sure the front yard is also tidy at all times.
This is one of the preliminary steps for property marketing. Potential tenants won't want to see what's inside your rental properties if the outside isn't appealing.
A House Is Not a Home
You've probably heard the above phrase before and must apply this logic to your homes for rent. You may only see these properties as investments. But if a tenant signs a one-year lease, they'll need to feel at home for that time.
You can start by including several amenities in your rental properties. These can range from high-quality toiletries to kitchenware. You can also include technology such as fast Wi-Fi and SMART devices.
Make sure the decor is appealing and consistent. If you have 18th-century paintings on your wall, they may look strange in modern furniture.
Never buy the cheapest furniture for the home. You should buy furniture that's utilitarian and likely to last for several years. You can work with an interior designer to create the best atmosphere for your rental properties.
Property Management
One of the most crucial tips for landlords is to not pursue this venture alone! You need to hire a property manager who'll handle many of your essential tasks, including the following:
- Finding and screening tenants
- Hiring contractors for repairs and renovation
- Dealing with tenant disputes
- Arranging rental property inspections
- Marketing your property
Hiring a property manager is what sets a professional landlord apart from the average landlord. This is one of the best ways to ensure lease renewals.
Promote Your Homes for Rent
Now you know the essential tips for landlords and can promote your homes for rent.
You'll need to improve the curb appeal for your rental properties. Once they look appealing outside, you should then work to improve them inside. You want your guests to feel at home so they extend their leases.
The best way to succeed is to hire a property management company to assist you. They'll handle the toughest tasks and take the burden off your shoulders.
PMI of Memphis has over 100 years of combined experience and will be glad to help you. Contact us today!
