What does it take for success in real estate investing? When you choose rental properties, you need expert insights from local, full-service property managers to meet your financial goals.
Rental properties and renters require a lot of work to generate the income you need for success. An excellent investment property with terrible residents is an expensive problem. A poorly-maintained property won’t help you keep excellent renters—and an empty property depletes your income.
How can real estate investors put it all together? You need the right mix of marketing, routine maintenance, and renter management to make money from rental properties. That’s why we put together this guide!
With our experience as a professional property management company, we can help investors put together and execute the right strategies for investment property success. Here’s what investors need to do to get the most out of their rental properties.
A property listing can’t deliver the potential renters you need if it’s missing critical elements for success. A rental’s online listing is your opportunity to ‘wow’ your next renters! It might seem simple to put together a few words about your rental home and snap a few photos—but if that strategy hasn’t brought you quality renters so far, it’s time for a change.
Strategize Each Property Listing
While your listings shouldn’t go on and on about a rental property, they need to communicate the perks of your rental homes at a glance effectively. Don’t underestimate the power of a few words and the right content to grab the attention of your ideal renter.
When creating a listing for your rental:
- Understand what local renters want
- Know your property’s best assets
- Choose professional photos that show the best angle
- Tell the rental’s ‘story’ (without writing an essay)
- Highlight the community and local amenities.
Every detail must work together to stop your next renter from scrolling by the listing—but don’t forget to start with the right rental price. Use rental market research to determine the ideal rate that attracts high-quality renters while keeping your investment property competitive.
The right rental rate and an excellent listing will bring high-quality renters to your property’s door!
Rental properties don’t fix themselves—and small maintenance issues often don’t stay small. Developing a schedule and plan for rental property maintenance helps keep your properties in excellent condition.
Why is routine maintenance essential?
- When rentals are well cared for, they attract better renters.
- High-quality renters stay longer when they have a safe, well-maintained rental home.
Excellent routine maintenance also helps improve the value of your rental properties. However, keeping up with maintenance requests and prompt repairs isn’t easy to do on your own—especially if you own multiple investment properties.
Providing competitive maintenance services requires more than fixing things after they break. To set your properties apart from other rentals in the area, you need:
- A regular schedule of routine inspections: Perform a thorough evaluation of your property at move-in, move-out, and at least once during a renter’s lease term. Inspections are an opportunity to look for potential maintenance problems and monitor how well renters take care of your property.
- Preventative seasonal maintenance: Avoiding expensive repairs helps investors save money. By performing preventative, routine maintenance throughout the year, you help your rental homes weather every season better—while keeping renters comfortable (and safe).
This level of proactive maintenance can become overwhelming without help. However, it’s a necessary aspect of excellent property management services to reduce repair costs, maintain the condition of your properties, and keep properties occupied with satisfied residents.
Excellent Renter Management
Quality renters need more than a well-maintained property. They need high-quality management to help them feel at home and promptly respond to maintenance requests—but managing renters isn’t only about keeping them happy. With excellent resident management, investors have peace of mind from knowing that renters follow the lease rules and take good care of their properties.
Managing renters begins from the moment you start searching for a new resident. Stepping up your marketing game helps attract better-quality renters, but investors still need a thorough tenant screening process to choose good renters (and avoid bad ones).
No matter how good a potential renter looks on their application, investors should never skip the background check process. Bad renters can look like an ideal resident on paper. Without checking into their history, you won’t recognize potential problems before they move into your rental.
Screen Thoroughly and Legally
Investors can dig into an applicant’s background, but it’s critical to follow the laws during your tenant screening process. Any claims of discrimination can lead to a lawsuit that shuts down your business or requires a costly payout.
What can you check? For every applicant, investors should include:
- Credit history
- Prior rental history (including evictions and defaults)
- Employment and income verification
- Reference checks
- Criminal history
- Pet screenings (if applicable).
Allowing pets in your properties can be a smart decision, but make sure you evaluate pets with the same commitment to fair and thorough tenant screening practices.
Manage Renters Professionally
When you find an excellent renter, the ongoing relationship must remain professional. You want your renters to feel at home while developing a positive owner-resident relationship. However, it’s critical to maintain professionalism—no matter what.
Don’t get too ‘friendly.’ When it’s time to enforce the rules with a renter, a positive professional relationship makes it easier to send the appropriate notices or assess fines. If an eviction becomes necessary, maintaining your composure and following the legal process is critical to resolving a difficult situation.
Hire the Best Property Manager
Are you overwhelmed? Don’t be! It’s a lot of work to manage rental properties and generate significant income—but you don’t have to do it alone.
Maximizing your rental property income is easiest with the right property manager. It’s the smartest way to invest in your real estate investments for more income, lower costs, and staying on track to meet your long-term financial goals.
With a property manager, you don’t have to do any of the property owner tasks we mentioned in this guide. A property manager does all of these things with the local expertise and industry experience to help you make more money from your rentals.
Choosing a local team means you have someone who understands what renters want—and how to keep your properties competitive in the local market.
Your Property Management Company Matters
Not every property manager has the experience or services you need for success. When looking for the right property manager, make sure you ask plenty of questions to understand:
- How they work
- What they offer as services
- How they can generate more income for you.
The right property manager has processes in place to quickly fine-tune your properties and deliver consistent results. They also follow all rental laws to keep your rentals legal and safe for renters.
The best local property manager makes your experience as a real estate investor frustration-free and more profitable! That’s why it’s so important to choose the best property manager. They make it easy for renters to pay the rent and love your rentals while you enjoy more income (and less work)!
Choose Frustration-Free Real Estate Investing!
If it’s time for a property manager, Reeder Asset Management is here for you! We’ve done it all—from buying and owning our own properties to helping local rental property owners boost their income with our professional property management services. Contact us to learn how we can help with our frustration-free services!