There are now over 43.6 million rent-based households throughout the US. That's millions of opportunities for you to attract Raleigh, NC renters! Without proper real estate asset management, however, they may look elsewhere.
Read on for the tips you need to generate more income from your real estate investment. With these tips, you can thrive in today's competitive market!
Avoid Getting Too Attached
Try to avoid getting emotionally attached to your real estate investment property. This can cloud your judgment and keep you from making informed decisions.
For example, you may go too far when upgrading the property. A few strategic upgrades can improve your earning potential. If it doesn't drive rent prices, consider other options.
Don't allow emotions to determine your pricing strategy. Instead, complete a rental analysis. Research similar rental properties in Raleigh.
Avoid setting the price too high. This can scare away renters, while pricing too low will hurt your profitability.
Consult a property manager to find a sweet spot in between. With their help, you can attract renters and improve your ROI.
Prioritize Tenant Retention
Choose renters with the goal of long-term tenant retention in mind. Retaining tenants can improve your occupancy rate. A 100% occupancy rate will maximize your profitability.
To find great tenants, first develop a tenant screening process. Thorough reports should include criminal background and credit score checks. Speak with their previous landlords and confirm the renter's employment.
Avoid renters with an eviction history or who recently had trouble paying rent. Choose a renter you can trust.
Communicate with your tenants regularly. Developing strong tenant-landlord relations can enhance tenant satisfaction. Happy tenants may renew their leases, minimizing vacancy periods.
Use an online tenant portal to automate responses to simple questions. You can have a property manager engage renters on your behalf.
Complete Property Maintenance
Implement a preventative property maintenance strategy. This will help you keep assets in good condition. You can avoid the cost of premature replacement.
Allow tenants to submit maintenance requests through their online portal. You can track the progress of each project to minimize delays.
Develop a rainy day fund for emergencies. You can use this fund for maintenance or to enhance your investment properties. Consider getting landlord insurance to protect your real estate investment.
Hire a Property Management Company
Hiring a property management company will ensure you work efficiently using industry best practices. Hire a team with years of local experience. They'll understand local housing laws and regulations.
Following the proper procedure will ensure you avoid fines or legal consequences.
Choose a company that uses state-of-the-art technology. Their resources can minimize human error and improve efficiency. For example, you can automate rent collection, messages, and generating accounting reports.
Better Real Estate Asset Management
Applying these real estate asset management best practices can ensure you're profitable. Remember, you don't have to do it all alone. Instead, hire a property manager.
PMI Capital City RTP is part of the country's fastest-growing property management franchise. We have 20 years of experience maximizing owner profitability.
Rely on our experience, expertise, and technology. Contact us today for property management services!
