The Kansas City rental market is growing faster than almost any other city in the US, according to NPR in Kansas City.
KC is a great place to start investing in rental property. Rents are rising because of the growing demand for rentals, so if you can find the right investment, you can turn it into your nest egg.
Running a rental property isn't a set-it-and-forget-it kind of thing, however. You need to take property management seriously to maximize your ROI. Keep reading and we'll give you some property investment tips to help you thrive in real estate management.
Rental Marketing and Tenant Screening
If your rental property is going to be profitable, you need to put resources into rental marketing. There may be a wide pool of tenants in Kansas City, but there are also plenty of rentals, so you need to create a great listing and think about digital marketing to put the most eyes you can on your property.
When you get lots of interested applicants, you'll need tactics to separate the best ones from the rest. Tenant screening involves looking at applicants' financial and personal backgrounds to determine whether or not they're a good fit for your rental.
The importance of finding great tenants can't be overstated. Poor tenants lead to landlord stress and extra wear and tear on your investment. Good tenants preserve your property and make your day-to-day much easier.
Maintenance and Tenant Management
Once you've got great tenants in your rentals, it's your job to keep them happy. Much of the time, landlord-tenant relations hinge on your ability to provide property upkeep.
You should inspect your property regularly and promptly respond to tenant maintenance requests. Failing to do so will alienate a perfectly good tenant, causing them to find new housing, and leaving you with a costly vacancy.
A great way to streamline communications with your tenants is to use a tenant portal. Online portals give both parties a single place to make transactions, put in requests, and keep important documents.
Strong Leasing Strategies
How you write up your lease agreements will determine the course of a tenancy. The more thorough you are, the more clarity there will be for both you and your tenant.
If the tenant breaks any house rules, the course of action should be clearly laid out in the lease agreement. It's for this reason that you should take time to gain a thorough understanding of Missouri's landlord-tenant laws.
For example, if you come to the point of having to evict a tenant, you want to ensure you're abiding by the law. Failing to do so will result in serious penalties. In many ways, this is the most important piece of landlord advice we can give.
Hire a Property Management Company
These property management essentials will ensure your rental property stays low-maintenance and profitable. It can be a lot of work, however, so if you're feeling overwhelmed, hiring a property manager might be the best thing.
At PMI Destination Properties, our services can help you manage your properties to perfection and maximize ROI. Contact us today to learn more about our rental property strategies and how they can help you become a better landlord.
