The national vacancy index reached 6.4% in 2023. Without proper real estate asset management, your property could stay vacant. You'll lose thousands of dollars in potential profits each month.
Before that happens, start using these tips to become a successful real estate investor. Maximize your profitability as an owner today!
Review Laws and Regulations
Review Niantic, Connecticut's tenant-landlord laws and regulations. These laws cover:
- Rental applications
- Tenant screening
- Security deposits
- Required landlord disclosures
- Late fees
- Rent rules
- Tenant rights to withhold rent
- Small claims lawsuits
- Termination and eviction rules
- A landlord's rights to access a property
Neglecting to follow these rules can lead to fines or legal consequences. For example, your tenants may sue you if you're not keeping up with maintenance. The tenant could even terminate the tenancy.
Keep up with local, state, and federal laws. If you're struggling to navigate these complex regulations, consult a property manager. Leverage their expertise to avoid legal fees or penalties.
Invest in Rental Marketing
Your investment property will remain vacant if you're not investing in rental marketing. Use a mix of traditional and digital marketing strategies. For example:
- Flyers
- Digital ads
- Social media marketing
- Content creation
- Search engine optimization
Consult an experienced property manager when developing your campaigns. Their proven strategies will improve your ROI.
Optimize your online listing to make it more attractive to renters. Share professional photos and video tours of the property to spark interest.
Keep Up With Maintenance
Your property will experience wear and tear over time. Keeping your properties well-maintained can benefit your profitability. Otherwise, you may need to pay for more extensive repairs in the future.
Consider making strategic improvements to the property. For example, you can add smart home technology or new kitchen appliances. Upgrades will increase the property value and attract new renters.
Manage Risk
Protect yourself by outlining your rules in your tenancy agreement. Consult a property manager to draft a thorough lease agreement. They can enforce your rules when necessary.
Get landlord insurance to protect yourself from unforeseen accidents. Keep your policy up-to-date.
Reduce Operating Expenses
Regularly review your income and expense reports. Your property manager can help you create a rental property income statement.
Reviewing your operating expenses can help you make data-driven decisions. You can improve your ROI over time.
Hire a Property Manager
Managing your investment properties alone can become time-consuming. Instead, hire a property management company. A full-service company can help with:
- Marketing
- Inspections and maintenance
- Tenant screening
- Rent collection
- Evictions
Relying on their services can improve your efficiency. You can discover new ways to maximize profits without wasting time or money.
For example, they can help you generate lease renewals. Retaining tenants will improve your occupancy rate and ROI.
Outsource With Real Estate Asset Management
Proper real estate asset management can help you thrive in today's competitive market. Instead of applying these tips alone, outsource. Working with a property management company can ensure your success.
Our experts at PMI East Lyme have 20 years of local real estate management experience. Leverage our state-of-the-art technology and proven strategies.
We can maximize your owner profitability. Contact us today to meet your Niantic property manager.
