According to census data, individual investors own over 70% of rental properties in the US. As a first-time landlord in Tulsa, OK, you have a lot of competition! With the right rental investment tips, however, you can gain a competitive advantage.
Completing a rental analysis, screening applicants, and tracking rental performance metrics will help you improve your ROI. Not sure where to start? Read on for our effective landlord profit strategies today!
Complete a Rental Analysis
Research Tulsa rental market trends to recognize opportunities and potential pitfalls. A rental analysis will help you:
- Set competitive rental rates
- Upgrade your rental property
- Comply with local laws
- Market vacant properties
- Appeal to local renters
Compare your rental property to others in the area. What amenities or special features can you add to help your property stand out? Effective upgrades will improve the property's value and help you generate more applications.
Work with an experienced property management company if you need help completing your rental analysis. They'll ensure you set a competitive rental rate.
If you set the rate too high, you'll scare away prospective renters. Setting it too low will reduce your monthly revenue. Find a competitive rate to maximize your ROI.
Screen Applicants
Before choosing renters, develop a tenant screening process. According to CNBC, around six million American households are behind on rent payments. To avoid renters who may pay late, outsource this task to a property management company.
Their reports may include:
- Eviction histories
- Rental histories
- References
- Criminal background checks
- Employment verification
- Credit scores
Screening tenants can help you choose reliable renters you can retain beyond one leasing cycle. Retaining renters will boost your occupancy rate and ROI. By outsourcing this task, you'll save valuable time and money while avoiding the headache of troublesome renters.
Complete Maintenance
For effective property income optimization, maintain your investment properties. Schedule routine inspections to spot problems before they worsen. Create a list of reliable contractors that offer emergency services before you need repairs.
Property Income Optimization
Work with a property management company that has effective landlord profit strategies in place. They can maximize your profitability.
For example, they can help you recognize market trends before competing landlords do. Tracking trends can give you a competitive advantage. You can attract renters before other landlords to improve your occupancy rate.
Choose a property management company that offers financial services. These can include:
- Rent collection
- Accounting
- Financial reporting
- Security deposit disbursements
- Monthly owner statements
- Paying vendor bills
Their services will ensure you track the income and expenses of your investment properties. You can recognize areas to cut spending to improve your ROI.
Become a Successful Tulsa Landlord
Becoming a successful Tulsa landlord will take time if you don't have help. Instead of completing these tasks solo, hire a property management company. We can help with your rental analysis, tenant screening, and more.
PMI Green County uses state-of-the-art technology that allows owners to track how their investments are performing. You can trust our proven strategies, award-winning services, and professional guarantees. Contact us now for a free rental analysis.
