About 10.6 million Americans earn income from rental properties. They generate an average of $97,000 a year. How do your earnings stack up?
With proper real estate asset management, you can make more money than other Antelope Valley landlords. Not sure where to start? Read on to develop an effective real estate asset management strategy today!
Follow the Law
Before marketing your property and finding tenants, review California's landlord-tenant laws. These laws include:
- Statewide rent control
- Rental application and tenant screening laws
- Security deposit laws
- Late fees and rent rules
- Small claims lawsuits
- Termination and eviction laws
- Tenant rights to withhold rent
- Rules about a landlords' access to properties
- Required landlord disclosures
Failing to follow these regulations could lead to fines or lawsuits. If you encounter legal trouble, consult a property management company. They can help you remain compliant.
Outsource Tenant Screening
Without a tenant screening strategy, you could choose renters who will only cause you stress. They may damage your rental property, ignore your rules, or fail to pay rent. Before selecting tenants, develop a tenant screening process.
Most do-it-yourself platforms only provide a brief recommendation. They don't help you understand why a renter is a good fit.
To find great tenants, outsource your screening process. A property management company will gather thorough, up-to-date reports. They can help you select trustworthy tenants.
Offer Rental Property Upgrades
Maximize your earning potential by ensuring you offer tenants the best possible living experiences. Consider offering rental property upgrades. These can include:
- New kitchen appliances
- Energy efficient windows
- Smart home technology
- New communal spaces
- Better parking options
Talk to your current tenants to assess their needs. Making updates based on their requests can lead to better tenant retention.
These upgrades can help your rental property stand out. You'll have an easier time generating more applications.
Complete Rental Property Maintenance
Failing to complete rental property maintenance can upset renters. You may struggle to attract new renters if the property is deteriorating. Complete rental property maintenance in a timely manner.
Start building an emergency fund. Use this fund to complete maintenance requests as soon as you receive them. The longer you take, the more likely renters will take legal action.
Develop a Tenant Retention Strategy
Develop a strategy for encouraging lease renewals. A higher tenant retention rate will boost occupancy and your ROI.
For example, you can offer incentives, including a one-time rent discount. Consider sending gift cards or thank you messages.
Keep communicating with tenants. They'll learn to trust you, leading to a strong tenant-landlord relationship.
Reduce Rental Property Expenses
Look for ways to reduce your rental property expenses. Consider partnering with a property management company. Their services can help you operate more efficiently without overspending.
Improve Your Real Estate Asset Management
Better real estate asset management will improve your ROI. Use these effective strategies to operate more efficiently. Otherwise, partner with a property management company.
Our team at PMI Antelope Valley has 20 years of local management experience. Trust our strategies, state-of-the-art technology, and expertise.
We can maximize your profitability! Contact us today for better management.
