45% of dwellings in Riverside are renter-occupied, meaning the city offers fertile ground for new real estate investors. A thriving rental market, paired with Riverside's massive population, makes it an ideal place to start building a strong real estate portfolio. But success as a landlord doesn't come automatically... it requires strategy, effort, and smart property management. You may have heard the term "Real Estate is Passive Income", well, I am hear to tell you that it is exactly the opposite.
Let’s dive into the key steps for turning your rental property into a steady income stream that fuels future investments.
Get Your Unit Ready
Once you've acquired your first rental property, make sure that it's ready for tenants. Start with necessary repairs and preventative maintenance to avoid issues later. This could include things like servicing the HVAC, checking your systems to make sure they all properly work, or simply fixing the dishwasher. Also, consider upgrades that can increase appeal without breaking your budget, focusing on what renters value the most. This includes things like modern appliances, fresh paint, and functional spaces. A well-prepared unit attracts quality tenants while also allowing you to charge competitive rent. One key thing to remember is a higher quality home = a higher quality tenant.
Win Over Tenants With Great Marketing
Riverside has a very competitive rental market, so standing out is essential. Craft a compelling rental listing that highlights your property's best features as well as its proximity to schools, shops, parks, or freeways. High quality photos are non-negotiable, and its often the first thing that prospective tenants notice. There was a recent study done that said "Property listings featuring high dynamic range (HDR) photos sell 50% faster and increase online views by 118%.".
Once your listing is ready, post it on the reputable rental platforms. I recommend posting your rental on sites like Zillow, Trulia, Hotpads, & Apartments.com. To reach even more renters, you can consider leveraging paid ads or SEO strategies. A strong marketing plan means you'll have a bigger pool of applicants to choose from.
Screen Tenants Carefully
The key to long-term success is finding the right tenants. Poor tenant choices can lead to missed rent payments, property damage, or even an eviction. Screening applicants thoroughly—using credit checks, background checks, and references—ensures you pick reliable renters who will care for your property.
PMI Riverside has been in business for 13 years, and has not had a bad tenant yet. Here is our screening process that we use every single day. We require:
- 650 Credit Score or Better
- No Evictions
- No Domestic Violence & Not on the Megan's List
- Proof of Income of at least 2.5x the Rent per Month
This process helps check financial responsibility, and ensures there are no major red flags from the tenant. We also ask for references from previous landlords, so they can help provide insight into how tenants handle responsibilities like rent payments and property upkeep.
Keep Your Property in Great Shape
Once you have great tenants, the work isn’t over. Maintaining your property keeps tenants satisfied and maximizes retention. Perform routine maintenance to prevent costly repairs, and address tenant requests quickly. Happy tenants are more likely to stay long-term, saving you time and money on turnovers.
Good communication is just as important as upkeep. When tenants know they can rely on you, it builds trust and makes for smoother interactions, ensuring your property continues to generate reliable income.
Simplify Your Journey With PMI Riverside
Starting as a real estate investor in Riverside offers incredible opportunities, but managing rental properties is no small task. Marketing, tenant screening, maintenance—it adds up quickly.
At PMI Riverside, we make it easy for landlords like you to thrive. Our full-service property management includes everything you need to maximize your investment while saving time and reducing stress. Ready to make your life easier? Contact us today to learn how we can help you succeed as a landlord in Riverside.
