Nashville has a higher percentage of renter-occupied homes than average, with nearly half of our local housing available for rent. Does that mean Nashville landlords have it easy? Not at all.
Yes, we have a huge pool of renters looking for a place to live. However, that doesn't mean you can expect to turn a profit without a solid rental management strategy. To implement this strategy, you'll need to dedicate both time and resources to your rental.
Ready to learn about effective rental management that can reduce your landlord stress? Read on for our top tips.
Take Charge of Your Finances
What fixed overhead costs, like mortgage payments and property taxes, can you anticipate every year? How much are you actually spending on advertising and maintenance on average?
If you want to maximize rental profits, you need to start with a serious audit. Set rental costs, build maintenance reserve funds, and start making a consistent income by assessing your finances.
Start with Reliable Tenants
There's no foolproof way to find the perfect tenants. With better tenant screening, you can reduce property owner risks by finding tenants who are most likely to pay rent on time and in full.
Thorough tenant screening confirms more than just an applicant's debt-income ratio. You can also find out about any prior evictions or legal problems before giving them the green light to sign your lease.
Commit to Preventative Maintenance
Certain types of maintenance are a requirement to remain compliant with the law. For example, you need to address safety concerns like electrical malfunctions ASAP. However, going beyond what's necessary can protect your investment and improve tenant satisfaction.
Taking a preventative approach to maintenance means tackling problems before they become emergencies. Give tenants an easy way to report problems and inspect your property at least once a lease term. Preventative maintenance is also a great way to save money as the cost of home maintenance nearly doubles.
Partner with Professionals
If becoming a landlord success is creating too much stress, it's time to call in the pros. A trusted property management team can take over day-to-day tasks like:
- Property advertising
- Tenant screening
- Tenant relations
- Maintenance oversight
- Property accounting
Property managers bring their knowledge of the local real estate market to every decision they make for your property. They know what tenants in your region want, what they're willing to pay, and what needs to be done to make your property competitive. Plus, they'll make running your rental a full-time job so you can take a hands-off approach.
Nashville Landlords Trust Evernest
Nashville landlords may have a wide pool of prospective tenants to market to, but that doesn't guarantee smooth sailing. Plenty of Nashville landlords still battle constant rental stress, and you don't need to be one of them anymore.
Evernest hit the scene in 2008 when the housing market was undergoing some serious changes. Since then, we've developed a proven track record of adapting to the changing times and helping landlords maximize profits. Contact us to learn more about our property management services.
