About 65% of people in North Carolina own property. If you recently inherited property in Charlotte, congratulations! Joining the ranks of Charlotte landlords can become a fulfilling and financially beneficial experience.
However, many pitfalls could impede your success. Here are three tips for accidental landlords in Charlotte that can help. Use these tips to improve your occupancy rate and generate revenue today!
1. Simplify Processes
Accidental landlords in Charlotte are responsible for:
- Tenant screening
- Rent collection
- Property marketing
- Property maintenance
- Accounting and reporting
- Evictions
- Legal compliance
- Property inspections
Try automating these processes or using technology to save time and money. Only 55% of renters signed a physical lease recently. This figure has declined by 17% as more Charlotte property owners use electronic signature platforms.
Use an online tenant portal to simplify communicating with tenants. Ongoing communication can increase tenant satisfaction rates. Tenants will feel like you care about their needs.
Improving tenant satisfaction rates can increase lease renewals. Generating renewals can boost your ROI and long-term occupancy rate.
Develop a digital marketing strategy to start attracting Charlotte renters. Consider upgrading the property to make it a more desirable place to live.
If these tasks are putting too much on your plate, consider outsourcing. Look for a property management company that already uses state-of-the-art technology. Their tools and resources can simplify these processes and help you avoid landlord stress.
2. Know Charlotte Real Estate Trends
Knowledge is power! Become one of the most successful Charlotte landlords by learning as much as you can about the local market. Understanding Charlotte real estate trends can help you discover opportunities for success.
For example, you may recognize areas that are gaining in popularity. Consider expanding your real estate portfolio by purchasing property in these areas.
Keep up with local, state, and federal laws and procedures. Remain compliant to avoid legal issues or fines.
As a landlord, it's your responsibility to provide renters with a habitable dwelling. Keep up with property maintenance requests. Ongoing maintenance will boost tenant satisfaction rates and allow you to protect your property.
3. Hire Charlotte Property Managers
If you're struggling to complete these tasks alone, hire a property management company. The best Charlotte property managers use proven strategies to support their clients.
Choose a full-service property management company with years of local experience. Leverage their experience and expertise to avoid mistakes.
The best property managers can help you capitalize on the area's growth. They'll ensure you attract quality renters with tenant screening services. Otherwise, you could choose tenants who may destroy the property.
The best Charlotte property managers will help you boost your property values. They'll ensure you attract tenants you can trust.
The Best Accidental Landlords in Charlotte
Many accidental landlords struggle to keep up with their daily responsibilities. You don't have to do it all alone. Instead, hire an experienced property management company.
PMI Amazing Spaces has 20 years of experience in the industry. We use state-of-the-art technology to ensure each client's success.
We're the number one property management company (with the awards to prove it!). Contact us to become one of the most successful accidental landlords in Charlotte!
