Individual investors now own almost 14.3 million of the 20 million rental properties in the US. Are you one of them? If you're a first-time landlord in Milwaukee, WI, you need a plan to ensure success!
Everything from completing a rental analysis to tenant screening can affect your future in the industry. Unsure of where to start? Read on for the five tips you need as a new landlord!
1. Complete a Rental Analysis
Before marketing your investment property, complete a rental analysis. Research other rental properties in Milwaukee, WI. Determine what sets your property apart.
Consider making a few cosmetic upgrades to give the property a competitive advantage. For example, you can add:
- New floors
- Energy-efficient windows
- Smart home technology
- Fresh coats of paint
- New kitchen cabinets
- New light fixtures
- New kitchen appliances
Choose upgrades that will enhance the property value. Look for listings online that also offer these amenities. Note the rental rate.
Setting your rates too high will scare away potential renters. Too low and you'll lose rental income. Set a competitive rental rate to attract renters and maximize your profitability.
2. Invest in Property Marketing
Your new investment property will sit vacant, draining money from your accounts, if people can't find it. Invest in digital marketing strategies. A strong property marketing plan should include:
- Real estate photography
- Video tours
- Content creation
- Search engine optimization
- Email marketing
- Social media marketing
- Paid advertising
Optimize your rental property listing to appear for online searches. Write a compelling, attention-grabbing headline. Add details to the description to help renters imagine living in the property.
If you need help, hire a property management company. They can develop a comprehensive property marketing strategy. Leveraging their experience will improve your ROI.
3. Research Landlord Tenant-Laws
Research Wisconsin's landlord-tenant laws. Stay informed as new laws and regulations go into effect. If you fail to remain compliant, you could receive a fine or face legal consequences.
An experienced property manager can help you navigate new laws and regulations. Leveraging their expertise will help you avoid legal trouble.
4. Outsource Tenant Screening
Neglecting to screen applicants can leave you with troublesome, stressful tenants. They could damage your property, leading to extensive repair costs. Instead, develop a tenant screening process that includes:
- Criminal background checks
- Credit reports
- Employment verification
- References
- Eviction histories
Choose tenants you can depend on. Nurture tenant-landlord relationships the moment renters move in. You could retain tenants, improving your occupancy rate and ROI.
5. Complete Property Maintenance
Use an online tenant portal to accept maintenance requests. Gather competitive bids from local vendors to save money.
Start building an emergency fund as soon as possible. Delaying to complete repairs can upset tenants. They may move out or sue you if the property isn't habitable.
Thrive as a First-Time Milwaukee Landlord
If you want to succeed as a first-time landlord in Milwaukee, don't apply these tips alone. Instead, hire a property manager. They can complete your rental analysis, property marketing, and more.
Relying on a full-service property management company will improve your ROI. Our team at PMI Property Pros has 20 years of local real estate asset management experience. We use proven strategies and state-of-the-art technology to maximize owner profitability.
Want to thrive in today's real estate market? Contact us today to meet your property manager.
