Every landlord is unique and has specific properties with their own strengths and challenges. Your success might look a lot different than the success of another landlord, based on your investment goals. However, many rental property owners are successful for similar reasons.
Today, we’re sharing some of those reasons. If you’re a St. Louis landlord looking for a way to earn as much as you can on your rental properties, we have some ideas on how to do that.
Renting Out the Right Property
Successful landlords treat their properties like a business and manage to make decisions based on data and results, not emotions. You need to invest in the right rental properties, not those that you fall in love with or want to grab because they’re a great deal.
A strategic acquisition process is necessary, as well as knowledge about your local neighborhood. You need to know how much people are paying for rent in the area and what competing properties have to offer tenants. Landlords making the most money in the St. Louis rental market are those who know what makes a good rental home and what will not be attractive to tenants.
Finding and Retaining Great Tenants
To succeed as a landlord, you’ll have to know a lot about tenants. You need to understand how to attract them, screen them, and then keep them in place. Tenant relationships are crucial, and sometimes it’s a tough balance. You want to have a friendly and respectful communication strategy, but you don’t want to become too close or form an emotional bond that makes it easy for them to take advantage of you.
Make sure you understand how to find reliable, responsible tenants who pay rent on time and take care of properties. Screen for eviction histories and credit issues, and always talk to former landlords to get an idea of how they perform. Once your good tenant is in place, you want to provide a positive rental experience so they’re more likely to renew their lease agreement. Fewer turnovers and lower vacancy rates lead to landlord success.
Good Landlords Invest in Maintenance
Maintaining your rental property is non-negotiable. You are legally bound to provide a safe and habitable home for your tenants. To ensure success, make maintenance a priority. Invest in preventative maintenance to cut down on emergency repairs and expensive surprises. Respond immediately to repair requests from tenants and put together a great list of preferred vendors and contractors who will help you protect the condition of your asset.
Rental Property Accounting is Detailed and Accurate
Successful landlords know the value of understanding their numbers. Good rental property accounting allows you to track all of your income and expenses. This helps you make good decisions going forward and keeps you organized. Consider using a property management platform that automates a lot of your accounting. Take all of your tax deductions when you’re filing.
St. Louis Property Management is a Priority
Most successful landlords work with St. Louis property managers. While you can certainly manage your own rental home if you have the time and knowledge, it’s often more profitable when you leverage the experience, resources, and tools of a local management company. We understand the market and can help you maximize what you earn while reducing what you spend. Turning over the day-to-day leasing, management, and maintenance responsibilities also frees up some of your time. You can focus on identifying additional investment opportunities in St. Louis or other real estate markets.
We’d be happy to help you succeed. Contact us at Amoso Properties with any questions about St. Louis property management.