According to the US Census Bureau, rental properties in America are largely owned by individual investors (over 70%). Are you now among them? Congratulations!
Unfortunately, many accidental landlords make unintentional mistakes that can affect their profitability. Before that happens, use these tips on Gilbert property management.
With this advice, you can find and retain renters, boost your ROI, and ensure your success in a saturated market. Excel as a Gilbert, AZ landlord today!
Rental Property Legal Tips
Before applying the rest of these Gilbert property management tips, learn more about Arizona's landlord-tenant laws. Understand what you can and can't do as a landlord regarding:
- Rental applications
- Tenant screening
- Security deposits
- Required landlord disclosures
- Tenant rights to withhold rent
- Terminations and evictions
- Landlord rights to access a property
- Tenant maintenance duties
- Late fees
For more rental property legal tips, consult a property management company. They'll ensure you follow local, state, and federal laws. Ongoing compliance can help you avoid legal consequences, including fines and lawsuits.
Upgrade Your Properties
You may struggle to attract tenants to your Gilbert rental property if it's old, outdated, or falling apart. Consider a few small upgrades to make it more attractive. Rental property upgrades that can boost the property's value include:
- New floors
- New kitchen cabinets and counters
- Backsplash
- Bathroom renovations
- Smart home technology
- Energy-efficient upgrades
- New kitchen appliances
Research other rental properties in Gilbert and choose upgrades that will give you a competitive edge.
After enhancing the property, update your online listing. Include a detailed description and high-quality photos to appeal to local renters. You can use digital marketing strategies like social media marketing to direct potential renters to your listing.
Tenant Screening Tips
A detailed tenant screening process can help you avoid problematic individuals. Otherwise, you may select renters who will pay late or damage the property. As you apply these tenant screening tips, consider each applicant's:
- Rental history
- Eviction history
- Employment verification
- Criminal background check
- References
- Credit score
You can outsource your tenant screening process to a Gilbert property management company. They'll help you select reliable renters you can trust.
Choose a company that has a tenant retention strategy. With their help, you can retain renters beyond one leasing cycle. Improving your occupancy rate will save you time and money.
Request Property Management Services
For landlord tax advice, tenant screening tips, and more property management advice, outsource. Choose a full-service company that offers property management services like:
- Accounting
- Tenant screening
- Inspections and maintenance
- Property marketing
- Rent collection
- Evictions
Outsourcing these tasks will save you time and money. You can gain a competitive edge in today's market while improving your ROI.
Succeed Among Accidental Landlords
Don't make the mistakes that other accidental landlords have in the past. Instead, hire a Gilbert property management company. Working with a professional team like PMI PHX Gateway can ensure ongoing success in today's real estate market.
Our team uses state-of-the-art technology that allows property owners to track how their investments perform in real time. Trust our commitment to accuracy, integrity, and honesty. Contact us now for a free rental analysis.
