If you own an investment property, you know that managing it can be a full-time job. From screening tenants, handling maintenance requests, and keeping up with the ever-changing laws and regulations, there’s a lot to keep track of. Add in the fact that your tenants are counting on you to keep their homes in good condition; it’s no wonder many property owners feel like they’re constantly running around putting out fires.
But it doesn’t have to be this way. You can manage your properties more efficiently and effectively by following best practices. Learning about the hacks essential in managing your properties, you’ll be able to minimize problems and maximize your profits. Here’s what you need to know about being a successful real estate investor.
Hire A Professional Property Manager
One of the best things you can do for your investment property is to hire a professional property manager. With today’s property management market reaching 17.3 billion in 2021, it’s clear that this industry has a lot of potential. And it’s no wonder — property managers can provide a valuable service to landlords and tenants. In fact, many landlords say they would only be able to own an investment property with a property manager.
A good property manager will take care of all the day-to-day details of running your property, freeing up your time to focus on other things. They’ll also have the knowledge and experience necessary to help you avoid expensive mistakes. As a result, hiring a property manager can save you money in the long run.
You can find a property manager by asking for referrals from other landlords, searching online, or contacting a professional organization like the National Association of Residential Property Managers. Whichever method you choose, be sure to interview several candidates before making your decision. This way, you can be sure you’re hiring the best possible property manager for your needs.
Use Technology To Your Advantage
There’s an app for just about everything these days, and property management is no exception. Utilizing technology allows you to streamline many tasks associated with managing your properties.
From online rent payment systems to online work order portals, there are various ways that technology can help make your job easier. You can also use technology to your advantage when marketing your property. By creating a website or using social media, you can reach a wider audience of potential tenants.
In addition, there are many software programs designed specifically for property managers. These programs can help you keep track of essential data, such as maintenance records and rental payments. With technology, you can run your property more efficiently, freeing your time to focus on other tasks.
Be Proactive About Maintenance
One of the most significant expenses associated with owning rental property is maintenance. When proactive about regular upkeep, you can save yourself a lot of money in the long run.
For example, rather than waiting until something breaks to fix it, you can put systems in place that will prevent problems from developing in the first place. Regular inspections and preventive maintenance measures can save you thousands of dollars over the lifetime of your property.
It’s also easier to work on minor repairs before they become significant problems. In other words, make sure to fix that loose doorknob before your tenants make a complaint. By being proactive about maintenance, you can keep your rental property in top condition — and your tenants happy.
Market Your Properties Carefully
With the vast number of rental properties on the market, it’s essential to make yours stand out. Carefully marketing your property will help you attract high-quality tenants and minimize vacancy rates.
In addition to traditional methods like print ads and yard signs, there are many other ways to market your rental property. For example, you can focus on online advertising, create a website for your property, or use social media to reach a wider audience.
But no matter how you choose to market your property, be sure to highlight its best features. You can do so by taking good photos, as visual images are often more effective than words. A professional-grade anamorphic lens for your phone camera can go a long way in making your property look its best. So, ensure you’re taking advantage of this marketing secret weapon.
By following the above best practices for managing your investment properties, you’ll be able to set yourself up for success. From hiring a professional property manager to staying up-to-date on the latest marketing trends, these tips will help you build a stronger foundation for your business—and help you better serve your tenants. So, what are you waiting for? Get started today and see the difference these best practices can make in your business.