According to the Department of Numbers, 35% of Wichita's households are renter-occupied, making it a great place to own an investment property.
Although it's rewarding financially, listing your home as "for rent by owner" can be difficult. You have to take care of everything involved with renting the home, such as home maintenance and tenant management.
In today's post, we'll explain what you need to do with some rental property tips and landlord strategies. Once you understand what goes into DIY property management, you may decide to seek professional help. Keep reading and take our property management advice to heart.
Preparing the Unit for Tenants
Before listing your property, ensure it's ready for new tenants. A clean, well-maintained unit attracts more interest and better tenants.
Start by addressing any repairs, such as fixing leaky faucets or broken windows. Deep clean every part of the unit, including carpets and appliances.
Consider simple upgrades like fresh paint or new flooring to make the space more appealing. Tenants notice the effort you put into the property, and a well-kept home sets a positive tone for your relationship.
Marketing the Property
Effective marketing ensures your property gets noticed. Use multiple platforms to reach a larger audience.
Post listings on popular rental websites and social media. Include high-quality photos and detailed descriptions that highlight key features, especially in-unit and local amenities.
You can also place "For Rent" signs in high-traffic areas near your property. Clear and honest advertising not only attracts tenants but also ensures the right fit for your rental.
Tenant Screening
Screening tenants carefully helps protect your investment. Rushing this step can lead to problems later. If you end up with poor tenants, they can make your life as a landlord much more difficult.
Set clear criteria for tenants, such as income requirements or rental history. Conduct background and credit checks to verify their reliability. Always call references, including past landlords, to confirm their track record as renters.
Investing time in screening ensures you find trustworthy tenants who respect your property and pay rent on time.
Being Attentive to Tenants
Great landlords prioritize tenant satisfaction. Responsive communication builds trust and encourages long-term leases.
Address maintenance issues promptly to keep the property in good condition. Provide clear instructions for reporting problems, such as an online form or dedicated phone number.
If you can, regularly check in with tenants to ensure their needs are met and the unit stays in good shape. Happy tenants are more likely to renew their lease, saving you time and effort in finding replacements.
For Rent By Owner: How PMI Wichita Can Help
If being a "for rent by owner" landlord sounds like a lot, that's because it is. A good property manager, like PMI Wichita, can help you handle all of these responsibilities.
Whether you need help with turning your home into a good rental, finding a great tenant, or all of the above, we can help. Simply contact us today and our representatives can explain what we do and how we can help turn your Wichita property into a lucrative rental today.
