The rental vacancy rate in the US is now 6.4%. Without proper real estate asset management, your Teton Valley, Idaho property could sit empty for months. When investing in real estate, you need a plan you can adapt based on the current market.
Not sure how to start managing your assets to generate more revenue? Read on for the best practices you should follow as an investor.
Research the Local Market
Take the time to research Teton Valley's local real estate market. Recognizing current market conditions can direct you to opportunities for growth. Keep an eye out for up-and-coming neighborhoods for new investment opportunities.
You should also track the local, state, and federal housing laws and regulatory changes. Neglecting to follow state tenant-landlord laws can lead to fines. For example, state laws specify when and how you can terminate a tenancy.
If you're struggling to keep up with these changes, hire a property manager. Their experience and expertise can ensure ongoing compliance. They can even handle evictions, allowing you to avoid unnecessary landlord stress.
Invest in Tenant Screening Services
Failing to complete a thorough tenant background check could leave you with troublesome tenants. They may damage your property, fail to pay rent, or inspire noise complaints. Before that happens, develop a tenant screening process.
Don't choose a do-it-yourself platform. The Consumer Financial Protection Bureau received 26,700 complaints within three years. About 65% of these were due to inaccurate information in the reports.
Instead, outsource. Hire a property manager who can complete thorough checks. They should consider:
- Credit scores
- Eviction histories
- Criminal backgrounds
- References
- Employment verification
Leverage Digital Marketing
Use digital marketing to showcase your vacant listings. These strategies include:
- Content marketing
- Social media marketing
- Email marketing
- Paid advertising
- Video marketing
- Search engine optimization
Optimize your online listings to engage local renters. Add high-quality photos and video tours to stand out from other properties.
Keep Up With Property Maintenance
Create an emergency fund to cover property maintenance and other projects. Don't delay completing maintenance. Tenants may get frustrated if you neglect their needs.
Implement smart home improvement projects based on tenant interests and needs. Different types of properties require different improvements.
Gather feedback from your tenants to determine what changes they want to see. Commercial tenants may want to see sustainability practices in your buildings. Residential tenants may prefer smart home technology.
These upgrades can improve your property values. If you don't retain tenants, they could inspire new tenants to apply.
Hire a Property Manager
You don't have to apply these portfolio management tips alone. Instead, consider hiring a property management company. Their range of services can help you operate more efficiently.
Their experience with the local market can give you a competitive edge. They'll recognize effective ways you can boost your ROI.
Request Real Estate Asset Management Services
Proper real estate asset management can help improve your profitability. Apply these tips to give yourself an advantage. Otherwise, hire a property manager.
Our team at PMI Grand Tetons uses state-of-the-art technology and proven strategies to maximize profitability. Discover what makes us part of the fastest-growing real estate management franchise. Contact us today for help managing your assets.
