According to US Census Bureau data, rental properties are largely owned by individual investors (70.2%). Most investors have a plan before purchasing a rental property. If you accidentally acquired a rental, you may face landlord challenges in Reno, NV.
Before those challenges affect your profitability, use these tips for accidental landlords. Applying these strategies can lead to efficient property management. Learn how to maximize your profitability and avoid stress as a new landlord today!
Gather Reno Real Estate Insights
Before marketing your rental property, gather Reno real estate insights. Consider:
- Which locations are most popular
- What type of rentals people prefer
- Rental price changes
According to landlord insurance company Steadily, the median rental price for houses in Reno is $1,900. In September 2023, the median was $1,850.
Before setting your rental rates, consult a property management company. They can complete a rental analysis to ensure you set attractive yet competitive prices.
Research Reno's landlord-tenant laws. Understanding these laws will help you remain compliant.
Otherwise, you may face lawsuits and costly fines. Your property management company can help you track federal, state, and local laws to ensure compliance.
Screen Tenants
Establish a thorough tenant screening process. Review each applicant's:
- Criminal background checks
- Credit scores
- Eviction histories
- References
- Rental histories
Screening tenants will ensure you choose reliable renters who don't have a history of problems. You can outsource this task to a property management company. They'll help you find renters you'll want to retain long-term.
Their lease renewal strategies can boost your occupancy rate and earning potential. You'll have peace of mind knowing you've chosen tenants who will pay on time and respect your property.
Seek Efficient Property Management
Use state-of-the-art property management software to stay organized and efficient. For example, renters can use an online tenant portal to:
- Send rent payments
- Submit and track maintenance requests
- Ask questions
- Review and sign leasing documents
Use automation to save time and reduce human error. This software will help you avoid future landlord stress and delays.
Apply Accidental Rental Property Advice
To avoid landlord challenges in Reno, consider hiring a property management company. An experienced team can provide Reno property management tips based on your needs.
Choose a full-service company that can help with:
- Rent collection
- Accounting
- Property maintenance
- Property marketing
- Tenant screening
With their help, you can operate efficiently and boost your ROI. Choose a company with years of hands-on management experience in Reno. You can leverage their local expertise to gain a competitive advantage.
Exceed Accidental Landlords in Reno
Instead of making costly landlord mistakes in Reno, join the ranks of successful accidental landlords in the area. Use these Reno property management tips to gain a competitive advantage. Remember, asking for help can make all the difference in ensuring your long-term success.
Our team at PMI Reno uses state-of-the-art software that allows owners to track how their investments perform in real time. Trust our commitment to accuracy, honesty, communication, and integrity.
We can maximize your earning potential while helping you avoid landlord stress. Contact us now for a free rental analysis.
