About 45% of landlords manage their own rental properties. Are you one of them? With proper real estate asset management, you can become one of the best.
Following industry best practices can increase your occupancy rate and ROI. You can maximize your earning potential by generating passive income.
Not sure where to start? Read on to improve how you operate as a landlord today!
Research the Local Market
Research Denver, CO's local real estate market to spot industry trends. Compare your property to others in the area. How is yours lacking or standing out?
You may recognize it's time to make upgrades to your rental property. Choose upgrades that enhance the property's value. Make it more attractive to local renters.
Researching the local market will help you complete a detailed rental analysis. This will help you set competitive rental rates.
Setting the rate higher than local averages will deter potential renters. They'll look for a better deal. Setting it too low can hurt your profitability.
If you need help, work with a property management company. Leverage their understanding of the local market and current real estate trends.
Streamline Rent Collection
Collecting rent in person can become time-consuming, especially if you own multiple properties. Instead, automate rent collection using an online tenant portal. This will make your life and the lives of your tenants easier.
The portal will automatically charge late fees. You won't have to worry about the hassle of hunting down renters for payment.
Online Property Marketing
Market your available listings before they sit vacant and start costing you money. Use digital marketing to reach renters in Denver, including:
- Search engine optimization
- Digital advertising
- Social media marketing
- Email marketing
- Video marketing
Share stunning visuals, including virtual and video tours, of the property to stand out online.
Routine Property Maintenance
Protect your investment property by scheduling routine inspections. Keep up with small maintenance projects before larger issues develop.
Prepare a list of local contractors before you need emergency repairs. Consider building a small nest egg to cover these emergencies.
Generate Lease Renewals
Encourage your best renters to stay for another term by offering incentives or upgrades. Generating lease renewals will boost your occupancy rate.
Remain flexible and willing to negotiate with renters. For example, you can offer different leasing terms, including a monthly or 24-month option.
Hire a Property Manager
To operate more efficiently, partner with a property management company. Leverage their full range of services to improve your ROI.
They can streamline everything from rent collection to tenant communication. With their help, you can reach your full potential in today's competitive market.
Ensure Effective Real Estate Asset Management
Proper real estate asset management can give you an edge in today's competitive market. Use these effective tips to get started. Otherwise, ask for help from an experienced property manager.
Trust our team at PMI Denver West with your rental properties. We can maximize your profitability using our proven strategies.
Rely on our state-of-the-art software and professional network. Contact us now for property management services.
