Since 2005, the homeownership rate in Tennessee has decreased by 5.8%. More people are renting instead. As an accidental landlord, you have an opportunity to attract renters and generate income.
Not sure where to start? Read on for the tips you need to become a successful landlord in Nashville, TN. With these tips, you can operate efficiently and maximize your earning potential.
Research Tenant-Landlord Laws
You'll lose money if you're not following federal, state, and local tenant-landlord laws. Review the latest laws and regulations before selecting renters. These laws cover:
- Required landlord disclosures
- Small claims lawsuits
- Security deposit limits and returns
- Tenant rights to withhold rent
- Late fees
- Termination and evictions
- Landlord rights to access properties
- Tenant protections against retaliation
For help navigating these laws, hire a property management company. Ignoring new regulations could lead to legal trouble. You may receive a fine or face a lawsuit.
Get Landlord Insurance
Protect your investment property and your best interests. Look into landlord insurance options before there's an incident. Insurance will cover you from fire, water damage, or other natural disasters.
In the meantime, start building a nest egg. Use this emergency fund to cover unexpected repairs.
Look for a property management company that can schedule routine inspections. They can confirm your property is in good shape before it deteriorates. Maintaining your property will save you money on future renovations.
Invest in Digital Marketing
Develop a rental marketing strategy to reach Nashville renters. Enhance your property listing to include:
- An engaging headline
- Location-specific language
- A detailed description of the property
- Your rental rules
- The rental rate
- A list of amenities
- Utilities covered
Use a mix of digital marketing strategies to help renters find your listing. Share photos and videos of the property using social media marketing. Don't forget to add relevant hashtags to the post to generate visibility.
Outsource Tenant Screening
Screening applicants will ensure you find reliable tenants. Otherwise, you may choose someone with a long eviction history. May could get stuck with renters who pay late or cause property damage.
Choose a property management company that offers tenant screening services. Their comprehensive reports will give you a full picture of each applicant.
Outline your rules before tenants move in. Draft detailed lease agreements and have your property manager hold renters accountable.
Hire a Property Manager
Managing a Nashville rental property alone can become time-consuming. Instead, outsource to a property manager. A full-service company can cover:
- Marketing
- Resident screening
- Rent collection
- Maintenance
- Account
- Evictions
Rely on their experience, expertise, and proven strategies. Their processes will help you work efficiently, improving your ROI.
Leverage This Accidental Landlord Advice
Using these accidental landlord tips could give you a competitive advantage. Otherwise, you may make mistakes that affect your profitability. Before that happens, consult a Nashville property management company.
Our team at Evernest manages over 14,000 properties with 74% of renters renewing their leases. We can help you expand your portfolio with hands-off property management.
Our staff is dedicated to maximizing the value of your rental property. Contact us today to request our services.
