About 10.6 million Americans earn income from rental properties. Are you now one of them? If you own a Glenview property, you need a way to get ahead of the competition.
Otherwise, your investment property will sit vacant, costing you potential rental income. Before that happens, use these five management tips. Start attracting and retaining renters today!
1. Review Local Laws
Research key Illinois landlord-tenant laws before you find renters. Understanding these laws can help you resolve issues without a lawyer. These laws cover:
- Rental application and tenant screening
- Security deposits
- Rules about landlords accessing properties
- Late fees and other rent rules
- Small claims lawsuits
- Landlord disclosures
- Termination and evictions
- Tenant right to withhold rent
All tenants have a right to live in a habitable space. If you don't make repairs that affect their health and safety, they can take action. Renters may subtract the cost of repairs from their rent.
Keep track of these local, state, and federal laws. Remain compliant to avoid fines and lawsuits.
2. Show Off Your Glenview Property
Be proud of your beautiful Glenview property and any recent upgrades you've made. A few small upgrades can boost the property value. Marketing these enhancements will help you attract renters.
Stage and clean the property before hiring a photographer. High-quality photos and engaging video tours will help the property stand out.
Optimize your online listing for search engines. Appearing for more searches will broaden your tenant pool.
Share these media assets on social media. Use hashtags relevant to Illinois to generate engagement. Direct people to your online listing to start generating applications.
3. Screen Applicants
Establish a tenant screening process before putting your investment property on the market. Screening applicants involves reviewing their:
- Rental histories
- Eviction histories
- Employment
- Credit scores
- Criminal background
This information will help you choose reliable renters. Otherwise, your tenants may cause you additional stress.
4. Complete Maintenance
Remember, tenants may take legal action if you're not completing maintenance. Maintain your beautiful property by scheduling routine inspections. Spot minor issues and complete smaller repairs before the problem escalates.
You can outsource this process to a property management company. Rely on their professional connections to select reliable vendors. Tenants can submit requests using an online portal to ensure efficiency.
5. Hire a Property Manager
Consider working with a local property management company. Rely on their experience managing other Glenview properties to enhance your own. Their best practices can help you gain a competitive advantage.
For example, they can streamline operations using property management software. They can increase lease renewals to improve your occupancy rate.
Choose a full-service company that offers tenant screening, maintenance, and evictions. They can reduce your stress load and maximize your profitability.
Better Manage Your Investment Property
Managing an investment property alone can become daunting and time-consuming. Instead, rely on a property management company. Partnering with an experienced property manager can give you a competitive advantage.
Our team at PMI Metro and Suburban can increase your rental income. Rely on our state-of-the-art technology and skilled team.
We're part of a fast-growing franchise that's been perfecting the property management industry for 20 years. Contact us today for help with your Glenview property.
