About 45% of landlords manage their own properties. Are you one of them? Without proper real estate asset management, you won't reach your full potential.
Instead, your investment properties could sit empty. They'll become an expense instead of a source of revenue.
Not sure how to ensure better portfolio management? Read on for the tips you need for success.
Complete a Rental Analysis
Before applying the rest of these tips, complete a rental analysis. Research other rental properties in San Francisco. How does yours compare?
This research can help you make informed upgrades to the property. A few strategic upgrades can make the property more desirable. You can increase the rental rate while remaining competitive.
Use this research to determine your pricing strategy. Setting the rent too low will cost you revenue. Too high and you'll scare away potential renters.
For help adjusting your rental rates, consult a turnkey property management company. Their experience and expertise can help you remain competitive.
Leverage Digital Marketing
Your San Francisco rental will remain empty if local renters can't find it. Invest in digital marketing to appear in front of renters online. Effective strategies include:
- Social media marketing
- Paid advertising
- Search engine optimization
- Email marketing
- Influencer marketing
These campaigns can become expensive if you lack experience. Consider working with a full-service property management company. They can manage and monitor your campaigns.
Outsource Tenant Screening
Comprehensive tenant screening reports will help you avoid future landlord stress. Otherwise, you may choose unreliable, troublesome renters. They may pay late or damage your beautiful investment property.
Outsource your tenant screening process to a rental property management company. Their reports will include:
- Criminal background checks
- References
- Credit scores
- Employment verification
- Eviction histories
About six million American households are behind on rent. Avoid these renters to continue generating revenue.
Your property manager can screen multiple applicants at once. With this service, you can quickly find reliable renters.
Once you find great renters, develop a tenant retention strategy. Retaining tenants can save you money. You can minimize the cost of marketing and tenant screening.
Schedule Inspections and Maintenance
Keep your investment property in good shape. Schedule routine inspections to spot potential problems. Complete repairs before these problems worsen.
Inspect your HVAC, electrical, and plumbing systems once a year. Allow tenants to submit maintenance requests using a tenant portal. Complete these requests quickly to improve tenant satisfaction rates.
Hire a Rental Property Management Company
Instead of applying these best practices alone, hire a property management company. Their experience and expertise will save you time and money.
Choose a full-service rental property management company. Their range of services will help you operate more efficiently. Rely on their state-of-the-art technology to minimize human error.
Improved Real Estate Asset Management
It can take time to implement these real estate asset management best practices. Instead of doing it alone, ask for help. Partner with a property management company.
Our team at PMI San Francisco has 20 years of local management experience. We help property owners like you maximize their profitability.
Rely on our technology, expertise, and proven strategies. Contact us today to discuss your rentals.
