Mom-and-pop landlords own 20.5 million rental units in the US. If you're among them, you need a strategy to ensure your success. Otherwise, you could struggle to find renters in today's competitive market.
Read on for the real estate asset management best practices you need to follow. These strategies can boost your occupancy rate and ROI. Ensure financial success with these tips!
Complete a Rental Valuation
Before using the rest of these tips, complete a rental valuation. This process will help you maximize profitability.
Start by researching the local real estate market. Consider:
- Popular neighborhoods
- Economic conditions
- Population growth
- Job opportunities
Look for properties similar to yours. How does yours compete? Consider the upgrades you can apply to improve the property value.
Use your research to complete a rental analysis. Adjust your pricing based on what your property offers or lacks.
To streamline this process, partner with a property management company. They can help you adjust your rental rates to remain competitive.
Market Online
Ensure renters in Wantagh, New York can find your property. Use digital marketing to gain more visibility. These strategies include:
- Email marketing
- Social media marketing
- Referrals
- Influencer marketing
- Paid advertising
- Video marketing
- Search engine optimization
Continue optimizing your campaigns based on trends. Adjusting your marketing materials can lead to more applications.
Use Property Management Software
Work more efficiently by relying on property management software. The global market reached $4,473.3 million in 2022. More property owners are relying on this technology for:
- Financial reporting
- Online document storage and sharing
- Electronic lease agreements
- Accounting
- Maintenance tracking
- Integrated banking
- Tenant communication
Using web-based services will offer ease and convenience. For example, tenants can use an online portal to submit rent payments. They can track maintenance projects or submit inquiries.
You can consolidate communications using one platform. This will lead to fewer communication issues and delays.
Develop a Lease Renewal Strategy
Generating more lease renewals will improve your occupancy rate. Otherwise, vacant units can become a burden.
Encourage renters to renew their leases by offering property upgrades or incentives. For example, you can offer a gift card or rent discount.
Ensure Maintenance Coordination
Failing to complete maintenance projects will cause your property to crumble. Tenants may get frustrated. They could take legal action if the property isn't habitable.
Develop a maintenance coordination strategy. Allow tenants to submit requests online.
Prepare an emergency fund to cover these expenses. Consider creating a list of reliable contractors before you need help. Otherwise, schedule inspections to spot problems before tenants complain.
Hire a Property Manager
Instead of handling these tasks alone, outsource. An experienced property manager can help you find and retain tenants.
They can handle everything from rental property maintenance to rent collection. Choose a full-service company to reduce your workload.
Ensure Real Estate Asset Management
Effective real estate asset management can boost your profitability. Apply these best practices to ensure better operations. Otherwise, partner with a property management company.
Our team of skilled experts at PMI Empire Solutions has been changing the industry for nearly 20 years. Trust our expertise, state-of-the-art technology, and worldwide reputation. Contact us for help with your investment property.
