Landlords have increased their rent rates by an average of 31% since 2010! If you're a property owner, there's a better way to ensure real estate portfolio growth. Instead, apply these investment property strategies.
With these real estate asset management tips, you can thrive in today's competitive market. You can set competitive rates to avoid long-term vacancies.
Ready to maximize your earning potential? Read on for the asset management best practices you need to use!
Research the Local Market
Before establishing your rental rates, review the New York City, NY real estate market. Compare your investment properties to similar ones in the area. What does your rental property lack?
This information can help you determine which property upgrades to complete. Choose upgrades that will enhance the property's value and make it desirable for renters. For example:
- Luxury vinyl flooring
- Fresh backsplash
- New bathroom hardware
- Fresh interior and exterior paint
- New kitchen cabinets
- Light fixtures
- Refreshed landscaping
After upgrading the property, complete a rental analysis. This will help you set a competitive rental rate.
Setting rates too high can deter renters on a budget. If you set it too low (to attract renters), you'll lose revenue. A property manager can help you determine the sweet spot in the middle.
Market Your Investment Properties
About 6.5% of rental properties in the US are vacant. Avoid long-term vacancies by establishing ongoing marketing campaigns. Use digital marketing to maximize visibility for your listings.
These strategies include:
- Content creation
- Search engine optimization
- Referral marketing
- Paid advertising
- Email marketing
- Social media marketing
Share high-quality photos and video content of the property on social media. Add hashtags relevant to NYC to reach nearby renters.
Try to customize your marketing materials based on your ideal tenant's demographic and psychographic details. For example, are you reaching college students, families, or business professionals? Speak their language and show them how the rental meets their needs.
Start Screening Applicants
Develop tenant screening criteria that adhere to the state's regulations and anti-discrimination laws. Consider:
- Eviction histories
- Credit scores
- References
- Income
- Employment verification
- Criminal background checks
Gathering this information will help you make informed choices when selecting renters. Avoid renters with a history of late rent payments or evictions. They could deter your real estate portfolio growth.
Schedule Inspections
Keep your investment properties in good shape. Schedule routine inspections and complete the necessary maintenance as soon as possible.
Allow tenants to submit repairs using an online portal. This can help you minimize delays.
Hire a Property Management Company
Hire a property management company to apply the top asset management best practices on your behalf. Their proven strategies can boost your occupancy rate. With their help, you can maximize your earning potential.
Choose a full-service property management company. You can trust one property manager for everything you need.
Ensure Proper Real Estate Asset Management
Proper real estate asset management can ensure your long-term success in today's competitive market. Use these property management tips to generate more revenue. Remember, you can always ask for support from a professional.
Our team at PMI Properties is part of the fastest-growing management franchise in the US. We have a strong record of success and the prestigious awards to prove it.
Trust our state-of-the-art technology, award-winning strategies, and expert team. Contact us today for a free rental analysis.
