Every successful real estate investor in the Salt Lake area must rely on solid strategies to sustain profits over time. When you choose residential real estate to build your long-term wealth, you play the long game to achieve your financial goals.
It’s not an ‘overnight oats’ approach to wealth or ‘get-rich-quick’ scheme; it’s a stable, future-building income stream that requires experience and the right strategies to win.
What are the best strategies to make sure your investment properties stay profitable? Even when the real estate or rental market struggles, smart investors find ways to mitigate loss and maintain profits.
Investors can benefit from the insight of an expert property management company that’s been exactly where you are—and developed the experience necessary to build successful rental property portfolios. Keep reading to learn some of the best investment strategies you can count on from the experts at Reeder Asset Management.
Trust No One (but the Best)
Trust No One (but the Best)Managing one property is a lot of work: if you plan to grow your portfolio with more rental homes, you’ll need help to manage each one to profitability.
Who should you trust with your rental property assets and income? Not just anyone who offers to help is the right call for a developing business. Giving the wrong people access to your properties, renters, and income can be an expensive mistake. Don’t risk your investment income on the idea that some help is better than none.
Successful real estate investors know that only the best help is worthy of your trust. You wouldn’t pull a phone number for a babysitter off of the bulletin board at Starbucks, then trust the care of your child to a stranger! Choosing a trustworthy babysitter requires looking for someone with experience, qualifications, and references of successfully caring for children.
- Before hiring the first property management company that pops up in a Google search, do some research.
- Make sure they offer the property management services you need at an affordable price.
- Ask about their experience and request references to get third-party verification of the company’s qualifications and success.
Trust no one with your properties and income without screening to find the best full-service property management in Salt Lake City.
Find Investor Groups With Proven Success
If you choose to work with an investor group to help finance your growing portfolio, be selective in who you work with. Research the groups on your list for consideration and partner with groups with proven track records of success.
Real Estate Investment Groups (REIG) can be an excellent way to quickly grow a portfolio, but the wrong group can leave you properties you can’t afford or a partnership that benefits others more than you and your goals. Review every aspect of the partnership, including the collective goals, investment requirements, and how you’ll share ownership and profits.
Don’t Ignore Turnkey Properties
Traditional real estate strategies involve finding a property with good potential as a rental home, then renovating the property to get it ready for new residents. While it’s a reliable strategy, if your goals include rapid growth, this traditional approach can feel like it takes too long to start generating income from new properties.
- A turnkey investment property could offer quicker income potential and more options when building a real estate portfolio.
- With a turnkey solution, investors purchase a property that is rental-ready—skipping the renovation time and expense to get a new property ready to rent.
- In many cases, turnkey properties already have a renter paying the rent. When you purchase one of these properties, it’s ready to put income in your pocket.
Make sure you aren’t stuck with properties you can’t manage. The best turnkey properties also come with professional, full-service property management—so you don’t have to do the work yourself or look for a property management company to handle the property.
Hire a Property Manager
Hire a Property ManagerThe best strategy for successful rental properties is to hire a property manager. The right property management company serves as your guide to growth and your hands-on, day-to-day team to handle every aspect of generating profits from your properties.
- As with any partnership or potential rental property, do your research before choosing a property manager. The wrong property manager is a liability more than an asset to your financial growth.
- With the right property management services, you have an expert team with local experience to help you find the best properties, get them ready for renters, and keep them in excellent condition while building your long-term income!
Count on the Best Property Manager for Success
Finding a property management company that you can count on is the best strategy for real estate investment success. From expert guidance to the right experience to take care of your properties and renters, the right property management team helps support investors with growing portfolios and significant long-term income goals.
The Reeder Asset Management team is the best partner for your rental property success in Salt Lake City! We do everything it takes for your investment success. From researching properties to finding renters and collecting the rent, our job is to make sure your rentals are profitable!
These are just some of the ways property managers can help you grow your portfolio when it’s time to enjoy more hands-free wealth. To learn more, download your copy of our free resource, Real Estate Investing: How to Grow Your Portfolio.