With the current real estate market, residential landlords are in a worse financial position relative to higher-earning peers. Lower-income landlords rely more on property income due to unemployment rates and Americans struggling to pay rent. If you're among other accidental landlords in El Paso, TX, you could struggle to compete.
Here are a few tips you can use to better manage your real estate in El Paso. With these tips, you can become one of the more successful El Paso landlords. Maximize your earning potential with these tips today.
1. Plan Ahead
Before acquiring tenants, learn as much as you can. Start by reviewing Texas' housing laws and regulations. Neglecting to understand federal, state, or local laws can lead to legal issues and fines.
If you're struggling to understand these laws and regulations, outsource. The best property managers in El Paso will help you avoid legal trouble.
During this planning stage, review your finances. Protect your interests by requesting insurance. You'll have peace of mind if there's damage to the property.
Prepare for emergency repairs by creating a maintenance fund. Covering emergency maintenance will ensure you comply with housing laws. You'll also have an easier time meeting tenant needs.
2. Start Marketing
Develop a digital marketing strategy to reach renters online. An omnichannel strategy will ensure you appear in front of renters on multiple platforms. Use:
- Social media marketing
- Paid advertising
- Email marketing
- Search engine optimization
Create and optimize your real estate listing. Use high-quality photos, create video tours, and add a strong call to action. Develop a tenant screening process to avoid problematic renters.
Otherwise, you may mistakenly choose renters who pay late, damage the property, or cause you landlord stress. If you're struggling with tenant relations, allow a property manager to step in.
3. Hire a Property Management Company
The best El Paso landlords don't do it all alone. In fact, fewer than half of all landlords in the US manage their own properties. Many outsource to local property managers.
Hiring a property management company will save you time and money. Look for a full-service company that understands the El Paso real estate market. Leverage their expertise to avoid making costly mistakes.
Your property managers can handle marketing, rent collection, tenant screening, evictions, and more on your behalf. They can respond to tenant inquiries promptly to boost tenant satisfaction rates. Their services could help you retain tenants, leading to a higher occupancy rate.
Successful Accidental Landlords Outsource
The most successful accidental landlords in El Paso don't do it all alone. Instead, they outsource to an experienced property management company. With help, you can become one of the best El Paso landlords with a flourishing business.
Searching for property managers in El Paso? Look no further than PMI El Paso. Our team has over 20 years of experience helping accidental landlords thrive in competitive markets.
We use state-of-the-art technology and our award-winning strategies to help landlords maximize their earning potential. Contact us today to become one of the best accidental landlords in El Paso.