Growing your Real Estate Investment in 2018!
When investing in Real Estate, the number one goal most investors have are a means to earn more money! However, succeeding as a Real Estate investor requires more than just buying rental units, filling them up with tenants and cashing rent checks. The biggest road block investors have with growing their investment portfolio is the fact that many have no understanding on how to manage a property. An investors best bet is to try to keep the tenants they have satisfied. In order to do that, you have to be able to successfully manage your property well!
Here are some tips to ensure investment growth in today's market:
Everyday a rental property is spent vacant without a renter is money lost in the drain. It's a bad investment if the unit or building isnt filled quickly. Finding tenants for your rental property can be a hassle. This is why marketing is an important tip for investment growth. When a potential tenant is looking for a place to rent, the internet is usually the first place that person will check. It's importantto have your rental property exposed online for potential renters to see. Examples of platforms to use to advertise your property include Kijiji, Craigslist, Youtube or social media like Facebook and Instagram.
Maintenance is key when it comes to tenants who are satisfied and tenants who are not! Investing in a property does not excuse you from handling all of the maintenance work that goes along with it. Keep tenants happy by successfully addressing maintenance issues in a timely manner! That attention will probably save you a lot of money as it is a means of providing preventative care. Routine maintenance checks on things like smoke detectors, HVAC units and water heater can save you thousands of dollars.
There's always that risk of receiving late payments, or worse yet, no payments at all! Situations like these can cause a threat to your investment. In order to avoid it, it's important to take into account rental payment history. Credit Bureau's offer options for obtaining data about how punctually and completely a person pays their dues. This helps investors avoid making a bad tenant decision.
Communication with tenants is VITAL for avoiding vacancies. Tenants always want to make sure that their voices are heard by their landlord. They also want to make sure that immediate action is taken. Communication is key, especially if you are a Real Estate investor!
5. TENANT EXPECTATIONS
A HUGE segment of the rental market are recent university/college gradds in their 20s. Investing in the right amenities is critical to millenial retention. These amenities don't have to break the bank, but early investments can result in a good occupancy rate and renter retention, allowing for more portfolio growth. Millenials are a social group, so they value both outdoor and indoor living and socialization spaces. They have also only ever knwon a technology driven world, so they expect to be able to pay rent online. Make sure you understand your markets needs and deliver them in order to get a successful response rate!
Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!
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