Have you started experiencing fatigue, sleeping problems, or headaches? You're not alone. Over 75% of adults report the same symptoms of excessive stress.
Many accidental landlords experience the same symptoms as they learn to navigate today's real estate market. Unfortunately, excess stress can affect your mental and physical health long term.
Before that happens, read on! Use these four tips to become a successful landlord in Biloxi, MS.
1. Research Local Laws
Before marketing your rental property, review Mississippi's landlord-tenant laws. These local laws cover:
- Security deposit limits and returns
- Rent rules
- Small claims lawsuits
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access properties
- Tenant protection against retaliation
- Fair housing rights
Federal laws include landlord responsibilities for disclosing environmental health hazards (like lead-based paint). You'll also need to follow anti-discrimination laws when screening applicants.
Failing to follow these laws can lead to fines or lawsuits. Keep up with new federal, state, and local laws and regulations to avoid legal trouble.
2. Leverage Digital Marketing
Your newly acquired rental property will sit empty if Biloxi renters don't realize it's available. Invest in digital marketing to generate awareness. These strategies include:
- Search engine optimization
- Optimizing the rental listing
- Optimizing photos and videos of the property
- Social media marketing
- Paid advertising
- Content marketing
- Email marketing
A combination of digital marketing strategies will maximize your reach. You can engage Biloxi renters to get them excited about living in your rental.
Try to personalize your marketing campaigns. The ROI for your marketing campaigns could improve by eight times or more. Speak to Biloxi renters by considering their needs and preferences.
3. Complete Property Maintenance
No one will want to stay in your Biloxi rental if it looks shabby and in disrepair. Schedule routine inspections and complete property maintenance.
Allow tenants to send maintenance requests using an online tenant portal. From there, you can track the progress of each project.
Request a landlord insurance policy before there's an accident. While this may seem costly now, it can give you peace of mind later. You can protect your best interests if there's a natural disaster or incident.
4. Hire a Property Manager
The most successful landlords don't juggle these responsibilities alone. Instead, hire a full-service property management company. Your Biloxi property manager can handle:
- Inspections and maintenance
- Rent collection
- Accounting
- Property marketing
- Tenant screening
These services can help you operate more efficiently. You can use proven strategies to avoid wasting valuable time.
Instead, you can find reliable renters, generate lease renewals, and boost your occupancy rate. These services will maximize your earning potential and ROI.
Apply Tips for Successful Accidental Landlords
Remember, the most successful accidental landlords don't do it all alone. Instead, they rely on full-service property management companies. Working with a property manager can give you a competitive advantage in today's market.
Look no further for support than with PMI Biloxi. Our team has 20 years of real estate management experience in Mississippi.
Rely on our experience, expertise, and state-of-the-art technology. Contact us today to meet your Biloxi property manager.
