Landlords generate an average of $97,000 a year. With proper real estate asset management, you can exceed this average. Instead, you can boost your ROI and maximize your earning potential.
Not sure where to start? Read on for the real estate asset management strategies you need for success!
Market Available Listings
A single vacancy can become a financial burden. Start marketing your available listings online. A strong digital marketing strategy will increase the listing's visibility.
As you attract more people to the online listing, you'll generate more applications. You can increase your tenant pool and have your choice of renters.
Effective rental marketing strategies include:
- Search engine optimization
- Paid advertising
- Social media marketing
- Video marketing
- Virtual marketing
- Email marketing
Consider creating video and virtual tours of the property. Your content will stand out online, giving you a competitive advantage.
Before creating your marketing campaigns, consider a few rental property upgrades. Research similar properties in the area. Choose upgrades that will enhance the property's value and make it more attractive to renters.
Screen Tenants
Don't feel rushed to fill vacant properties. Instead, do your due diligence. Develop a thorough tenant screening process before choosing renters.
Screening applicants will ensure you choose renters who are reliable. They'll pay on time, follow your rules, and respect your rental property. Troublesome renters, on the other hand, will only add to your landlord stress.
To save time, consider outsourcing. A property management company can gather comprehensive reports. These include:
- Criminal background checks
- Credit scores
- Employment verification
- References
- Eviction histories
Invest in Rental Property Maintenance
A shabby, old rental property will stand out on the market in the worst way. Keep up with rental property maintenance. Routine inspections can protect your property before you need to pay for extensive repairs.
Allow tenants to send requests using an online portal. You can track the progress of each project in real time.
Increase Tenant Retention
Improving your tenant retention rate will also improve your occupancy rate. Reaching full occupancy can maximize your earning potential.
Talk to your renters. Ask what improvements you can make to meet their needs.
Consider offering incentives or creating a referral program. You can retain your current renters and attract new tenants.
Minimize Rental Property Expenses
Review your income and expenses to search for ways to operate more efficiently. Consider using an online portal to automate processes. Automation will save time and cut unnecessary spending.
Hire a Property Manager
Instead of applying these real estate asset management strategies alone, outsource. Consider working with an experienced property management company.
A full-service company can help with rent collection, marketing, tenant screening, and more. Their services will help you operate more efficiently and effectively.
Improve Your Real Estate Asset Management
Proper real estate asset management can help you thrive in today's competitive market. Use these tips to get started. Otherwise, outsource to an experienced property management firm.
Our team at PMI Hudson has 20 years of local management experience. Rely on our state-of-the-art technology and proven strategies.
Discover how we can maximize your profitability. Contact us today to request our services.
