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According to US Census data on residential vacancies, the national vacancy rate reached 6.6% last year. Many accidental landlords struggle to find renters in today's competitive market. Without effective property management, your rental could remain vacant.
A long-term vacancy could cost you thousands in potential earnings every month. Before that happens, use this Schaumburg landlord advice. Discover how to maximize your profitability as a landlord today!
Complete a Rental Analysis
Consider how your Schaumburg rental property compares to others in the area. Compare the:
- Amenities
- Square footage
- Rental rate
- Neighborhood
Determine what rental property upgrades and amenities renters are prioritizing. For example, they may want smart home technology or an open floor plan. Recognize their needs before upgrading your rental property.
These cost-effective upgrades can give you a competitive advantage in today's market. You can then increase your rental rate accordingly.
Work with a property management company to complete your rental analysis. They'll ensure you set a competitive rental rate. Leverage their expertise to attract renters and maximize your earning potential.
Leverage Digital Marketing
Make sure Schaumburg renters can find your property online. Develop a comprehensive property marketing strategy. Effective digital marketing strategies include:
- Content marketing
- Search engine optimization
- Social media marketing
- Paid advertising
- Email marketing
After upgrading the property, hire a real estate photographer. Listings with high dynamic range photos increase online views by 118%. Use virtual and video tours to increase views by 403%.
Show off your stunning rental property using social media marketing. Respond to questions and encourage renters to schedule a tour in person.
Screen Applicants
Before applying the rest of these property management tips, develop a tenant screening process. Your reports should include:
- Criminal background checks
- Credit scores
- Employment verification
- References
- Eviction histories
- Rental histories
Save time and money by outsourcing this process to a property management company. They'll help you find great tenants worth retaining long-term. Developing a tenant retention strategy can improve your occupancy rate and earning potential.
Prioritize Maintenance
Schedule regular inspections and complete maintenance with minimal delay. Otherwise, tenants may grow frustrated. It's your responsibility to provide them with a habitable place to live.
For more effective property management, outsource this process. A property manager can hire reliable contractors at competitive rates. They'll ensure repairs are done on schedule and budget.
Ask for Schaumburg Landlord Advice
For more rental property guidance, partner with a full-service property management company. Their services can cover:
- Property marketing
- Rent collection
- Tenant screening
- Evictions
- Maintenance and repairs
Relying on their services will ensure you operate efficiently. You can keep renters happy, leading to more lease renewals. As your occupancy rate improves, you can maximize your profitability.
Exceed Accidental Landlords in Schaumburg
Don't repeat the mistakes of the accidental landlords before you. Instead, rely on real estate management tips from a team of experts. Partner with a property management company to ensure your success.
Our team at PMI Chi-Town adds value through communication, honesty, and accuracy. Trust our 10 consecutive years in Inc.'s Top 500 and award-winning strategies.
We can maximize your earning potential. Contact us now for a free rental analysis.
