Did you know you could make $97,000 annually as a landlord (the national average)? If you're making less, it's time to evaluate your asset management strategies. Otherwise, you could miss the chance to maximize your earning potential.
Read on for our real estate asset management tips to help you generate profits. With these tips, you can make the most of your real estate investment without stress. Enhance your investment returns with these best practices.
Complete a Rental Analysis
Before applying these asset management strategies, complete a rental analysis. This will help you:
- Recognize property demand for different areas
- Determine optimal rental prices
- Track trends that can affect profitability
Compare your real estate investment to others in the area. Determine if you need to make upgrades to enhance your property's value. Improving the property can make it more appealing to renters.
Consider the rental rates other properties are charging. Setting your rate too high can deter potential renters. If you set it too low, you won't maximize your profitability.
Find and Retain Great Renters
Develop a property marketing strategy to find and attract local renters. A multifaceted approach includes:
- Cleaning and staging the property
- Taking professional real estate photos
- Optimizing the online listing
- Content creation
- Video and virtual tours
- Search engine optimization
- Social media marketing
- Email marketing
- Paid advertising
Use high-quality photos to attract renters to your online listing. Provide your contact information and encourage them to schedule a tour.
Establish a thorough tenant screening process to avoid problematic individuals. Otherwise, your renters may have a history of evictions and property damage. Choosing these renters can become costly.
Retaining great renters can improve your occupancy rate. You'll save money on tenant screening and marketing campaigns.
Complete Proactive Property Maintenance
Keep your beautiful investment property in the best possible shape. Schedule regular inspections and complete maintenance before problems worsen.
Neglecting maintenance requests can upset renters. They may complete the repairs and deduct the costs from their next rent payments. Some renters may move out or take legal action.
Instead, use a tenant portal to keep track of maintenance requests. Keep a list of reliable vendors and gather competitive rates before you need their services.
Hire a Property Management Company
Instead of applying these tips alone, hire a property management company. Their portfolio optimization services can help you maximize your profitability.
Choose a full-service company that offers real estate accounting services. They'll help you discover ways to cut costs. With help, you can improve your return on investment for long-term profitability.
Generate Profits With Real Estate Asset Management
Proper real estate asset management can maximize your earning potential. Use these effective asset management strategies to generate profit. Remember, you can always ask for help.
PMI South Sound has been changing the property management industry for nearly 20 years. The experience and trust we've gained worldwide are reflected in our comprehensive services.
We have a strong track record of success and 10 consecutive years in the Top 500 to prove it. Contact us today for a free rental analysis.
