Are you struggling to generate revenue from your real estate investments? The rental vacancy rate in America is nearly 6.4%. Without proper real estate asset management, you'll lose money in today's competitive market.
Read on for the best practices you can use to put more money in your pocket. With a real estate asset management strategy, you can boost your ROI!
Research Local Laws
Failing to comply with local landlord-tenant laws can lead to unnecessary rental property expenses. You may need to navigate a lawsuit or pay serious fines. Instead, review Iowa's landlord-tenant laws, which cover:
- Rental applications
- Tenant screening
- Security deposits
- Rent rules
- Tenant rights to withhold rent
- Termination and eviction rules
- Small claims lawsuits
- A landlord's rights to access a rental
Comply with federal and state anti-discrimination laws when screening applicants. Federal fair housing laws prohibit discrimination based on handicaps, sex, race, color, and religion.
Consider outsourcing your tenant screening process. A property manager will comply with fair housing laws on your behalf.
Screening applicants will ensure you find reliable renters who won't cause you future landlord stress. Instead, you can find tenants you want to retain. Retaining tenants can boost your occupancy rate and reduce marketing costs.
Choose Rental Property Upgrades
Unnecessary rental property upgrades can become a wasted expense. Instead, choose inexpensive upgrades that enhance your rental property. Boost the property's value with:
- New floors
- Energy-efficient windows
- New kitchen appliances
- Backsplash
- New light fixtures
- New kitchen backsplash
Gain a competitive advantage by adding smart home technology to the unit. Market these upgrades online to stand out from other listings.
Keep Up With Rental Property Maintenance
As a landlord, it's your responsibility to provide tenants with a habitable living environment. Keep up with rental property maintenance requests. If the property is falling apart around them, renters will leave.
Draft a list of reliable contractors in Council Bluffs. Gather competitive bids to reduce rental property expenses.
Avoid future expenses by scheduling routine inspections. You can catch potential issues before they require more expensive renovations.
Create a Tenant Retention Strategy
Increase lease renewals to boost your occupancy rate. Develop a tenant retention strategy by remaining flexible and willing to negotiate.
For example, some tenants may want flexible leasing terms. Instead of limiting them to a one-year lease, consider a monthly option.
Nurture strong tenant-landlord relationships to keep tenants happy. They'll recognize that you care about their living experiences and needs.
Minimize Rental Property Expenses
Operate more efficiently by using real estate management software. This software can help with accounting, maintenance, rent collection, and other tasks.
Otherwise, consider outsourcing. Partnering with a property management company will save you time and money. Use their proven strategies to improve your occupancy rate, lower expenses, and boost your ROI.
Outsource With Real Estate Asset Management
Proper real estate asset management can help you thrive in today's competitive market. Use these tips to develop an effective strategy. Otherwise, partner with an experienced property management company.
Find reliable support with PMI of the Midlands. Our team has 20 years of local real estate management experience. We use proven strategies and state-of-the-art technology to maximize owner profitability.
Discover how to generate steady returns from your investments. Contact us today to request our management services.
