Did you know that individual investors own almost 72% of the rentals in the US? Now you're among them! Joining the ranks of accidental landlords in Long Island can feel daunting without a plan, though.
Read on for the tips you need to excel in today's competitive real estate market. With these tips, you can gain an advantage and maximize your profitability!
Understand Local Laws
Before marketing your rental property to Long Island renters, review the area's landlord-tenant laws. These local laws cover:
- Rent control in New York
- Rental application and tenant screening
- Security deposits
- Small claims lawsuits
- A landlord's right to access a property
- Termination and eviction rules
- Tenant rights to withhold rent or repair and deduct
- Late fees
- Landlord disclosures
Review federal laws regarding discrimination and landlord responsibilities for disclosing environmental health hazards. Keeping up with laws and regulations will help you avoid compliance issues. Otherwise, you may have to navigate a lawsuit or pay fines.
Use Digital Property Marketing
Your new rental property will remain vacant if Long Island renters don't realize it's available. The longer it stays vacant, the less revenue you'll generate. Direct more people to your online listing using property marketing strategies.
Digital marketing can generate more brand awareness, website traffic, and tenant applications. Use search engine optimization (SEO). Your rental listing will appear as Long Island renters actively search for available units.
Use social media marketing to engage your target audience. Share quality photos and videos of the property to spark interest.
Invest in Tenant Screening
You may feel rushed to fill vacant units. Don't. Instead, do your due diligence by screening applicants.
Without a tenant screening process, you could choose renters with a history of late rent payments and evictions. They could add to your stress load. Instead, outsource to gather comprehensive reports about each applicant.
About 90% of landlords use some form of reporting to review applicants. Outsourcing can save you time and money while ensuring legal compliance.
Keep Up With Property Maintenance
Keep up with property maintenance before the property starts falling apart. Otherwise, renters can fully or partially withhold rent if the property isn't habitable.
Schedule routine inspections to catch problems before they worsen. This can save you money reduce the stress of upsetting renters.
Consider Tenant Management
Happy renters are more likely to renew leases, increasing your occupancy rate. Hire a property manager that offers tenant management services. They can boost tenant satisfaction rates by keeping up with tenant requests.
Hire a Property Manager
Instead of applying these tips alone, outsource. Working with a full-service property management company can increase efficiency. A property manager can help with:
- Rent collection
- Property maintenance and inspections
- Tenant management
- Property marketing
- Legal compliance
- Accounting
Choose a company that uses state-of-the-art technology. Their professional resources will help you operate more efficiently.
Excel Among Accidental Landlords in Long Island
Joining the ranks of Long Island's accidental landlords may seem daunting at first. With help, it doesn't have to be! Instead, hire a full-service property management company.
Our team at PMI Lighthouse has 20 years of local property management experience. We use state-of-the-art resources and proven strategies to maximize owner profitability.
Become a successful landlord in Long Island! Contact us today to meet your property manager.
