According to DiscoverArlingtonTN.com, Arlington, Tennessee’s population has boomed considerably: it grew by an impressive 244% within the past two decades. It also boasts a high average household income, low crime rate, 68+ acres of parks, and an 85.6% homeownership rate. Plus, it’s only 20 miles from downtown Memphis, giving the charming town with a close-knit community access to big-city amenities.
Given all its exceptional qualities, Arlington has become a prized investment hotspot. So, if you’re looking for your next passive income opportunity, consider exploring A-Town.
To maximize your investment, though, you need to master Arlington property management like a pro. Fortunately, you’ve come to the right page.
The expert team at Reedy & Company has shared effective property management strategies and real estate investment tips to help you get started, so read on.
Conduct Property Valuation
One of the most crucial initial steps you need to take to achieve property management success is conducting a thorough and accurate Arlington rental market and property valuation. With this strategy, you can:
- Determine the fair market rent (FMR) in a specified area (such as the neighborhood in Arlington where you want to invest or have already invested in)
- Calculate and establish a fair rental price for your property that will entice tenants yet help you remain profitable
- Identify areas of improvement for your property and rental lease agreement
- Figure out ways to make your property and offers more attractive to renters while helping boost rental value (and potentially, its price)
Let’s say you have yet to invest in an Arlington property. If so, accurate valuations can help you spot ideal opportunities that will fit your budget and align with your portfolio expansion goals.
Once you’ve purchased your investment property, you need to conduct these assessments regularly, ideally once a year. They’ll let you stay on top of changing FMRs. Being aware of these changes allows you to act promptly and adjust rental prices accordingly based on changing market rates, demand, and tenant needs and preferences.
Make Your Property Welcoming to Humans and Pets
In an article published in November 2024, real estate publication Multifamily Dive listed five reasons property owners and landlords should consider pet-friendly policies. One of these is the fact that 58% of renters report being a pet-owner; indeed, more renters have pets than children (33%)! Almost half of renters (nearly 44%) also said they said no to a property that didn’t allow pets.
Welcoming pets to your Arlington rental, so long as you combine it with carefully enforced rules and policies (e.g., ensuring both you and your tenants have valid pet insurance and requiring a pet deposit), can help you widen your prospective tenant pool. The more prospects you have, the more likely and the faster you can find the perfect fit. You can also boost your rental income by requiring a slightly higher rental fee (e.g., charging “pet rent”).
Implement Effective But Transparent Marketing Strategies
As mentioned above, Arlington’s homeownership rate stands at 85.6%, a figure that suggests you have fewer rental properties to compete with. However, you still need to “beat” the competition, a goal you can achieve by ensuring you make your property stand out through effective but transparent marketing tactics such as:
- Making your property move-in ready (completing all maintenance and repairs if and as needed)
- Investing in home staging services
- Using professional photography and videography to highlight your staged property in the best possible light
- Writing engaging and descriptive rental property listings
- Implementing search engine optimization (SEO) strategies, such as incorporating keywords, when crafting online listings
- Utilizing multiple rental listing websites and platforms
Following all those steps can help you capitalize on your property’s attractiveness and maximize its exposure. The more visible it is, the more prospective tenants will see it, and the faster you can rent your property out.
Adhere to Tenant Screening Laws
Unfair, discriminatory practices, including those conducted during tenant screening, are illegal under Tennessee Code Title 4, State Government § 4-21-601. Such laws safeguard prospective renters, but they also protect landlords and housing providers by helping them find responsible tenants who are most likely to:
- Always pay rent on time
- Follow all the terms and conditions of the lease agreement
- Respect your property and neighbors
What’s even more crucial is that tenant screening helps you mitigate the risk of entering into a rental agreement with individuals who can put other tenants, neighbors, and the community in danger. An example is a criminal convicted of a violent crime. They’re not uncommon; data published by The Sentencing Project in 2024 shows that 63% of people sentenced to state prison had a violent crime conviction.
Protect yourself, your assets, other tenants, neighbors, and the community by screening prospective renters thoroughly while ensuring your practices adhere to federal, state, and local laws. Conduct the following on all potential tenants:
- Criminal history check
- Identity verification
- Income and employment check
- Rental and eviction history review
When conducting the steps above, ensure you have a uniform process in place. If you run all the checks on one prospect, you must run the same on all other applicants. Otherwise, you could find yourself in legal trouble for breaking fair housing laws.
Partner With Reedy & Company
Our firm, Reedy & Company, specializes in comprehensive property management services, including everything discussed in this guide and more. We also handle rent collection, helping ensure you get paid on time and avoid dealing with late rental payments. We also have dedicated in-house accounting experts and maintenance professionals.
Another thing that sets us apart from other property management firms is that we can help you manage and expand your portfolio. We offer private financing, allowing you to take advantage of more investment opportunities.
Let Us Handle All Your Arlington Property Management Needs
If you want to earn like a landlord but would rather do so in the most passive way possible, consider partnering with our Arlington property management firm, Reedy & Company.
With our full suite of expert property management and maintenance services and extensive industry experience, we’re your premier choice in top-notch real estate and rental management services. Rest assured, we’ll use our 40+ years of experience to help you achieve success with your Arlington, TN, property investments.
Call us today for a consultation!
