The rental vacancy rate in the US could drop from 6% to 4% by 2025. As more landlords fill their vacant properties, you could struggle. Before that happens, apply these real estate asset management best practices.
Leveraging this landlord advice can give you a competitive advantage in today's competitive market. Put more money in your pocket as a real estate investor today!
Use Rental Property Marketing
Filling vacant properties will improve your occupancy rate, maximizing your rental income. Use both traditional and digital marketing methods.
First, enhance the property. Use strategic upgrades to set your rental apart from others in the area. Research similar properties to complete a rental analysis.
Optimize the listing using search engine optimization (SEO) techniques. SEO will help the listing appear for online searches. The property will generate more visibility, leading to more applications.
Share high-quality images of the property or create a virtual tour. Listings with video content generate 403% more views than those without.
End your listing and marketing messages with a compelling call to action. Encourage potential renters to reach out and schedule a tour! As you generate more applications, your tenant pool will broaden.
Screen Potential Renters
Once you begin receiving applications, develop a tenant screening process. Screening applicants will ensure you find great tenants you want to keep. Retaining reliable tenants will increase your occupancy rate and earning potential.
Outsource this process to an experienced property management company. Leveraging their resources will save you time and money. They'll gather comprehensive reports, ensuring you find the best possible renters.
Failing to screen applicants could cost you rental income in the future. Tenants could pay late or damage the rental property. You may need to deal with the stress of evicting them.
Leverage Property Management Software
Use property management software to operate more efficiently. This software can help with:
- Electronic lease agreements
- Accounting
- Online maintenance tracking
- Integrated banking
- Tenant tracking
- Tenant communications
- Online document sharing and storage
Allow tenants to submit maintenance requests using an online portal. Keep track of projects. Delays could frustrate renters, leading to fewer lease renewals.
Reduce Operating Expenses
Consult a property management company to find ways to reduce your operating expenses. Hiring a full-service management company can streamline operations. They can help with:
- Evictions
- Accounting
- Maintenance
- Rent collection
- Resident screening
- Marketing
For example, they may recommend scheduling routine property inspections. You can spot deterioration before problems get worse. Preventative maintenance can help you reduce future costs.
Keep up with new housing laws and regulations. Failing to comply with tenant-landlord laws could lead to fines. Your property manager can help you remain compliant.
Request Real Estate Asset Management Services
Proper real estate asset management can help you maximize your earning potential. Use this landlord advice to start putting more money into your pocket. Otherwise, consult an experienced property management company.
Our team at Evernest Dallas has 33 years of experience managing 14,000 rental properties. We'll help you expand your rental property portfolio. Enjoy hands-off, out-of-state management from a team you can trust.
We're ready to assist you in maximizing the value of your Dallas property. Contact us today for our management services!
