Lack of supply and rising prices are two big challenges residential real estate investors now face. Have you encountered the same problems? With effective residential property management, you can still ensure your profitability.
Here are four property management tips you can use to improve your ROI. With these property management strategies, you can easily improve your occupancy rate. Ensure success in today's competitive market.
1. Market Listings
About 6.5% of rental units in the US are currently vacant (an increase from 5.8% in 2022). If your properties are empty, you won't benefit from the rest of this residential management advice. Start marketing your listings online to draw in Delaware renters.
First, clean and stage your rental property. Consider completing a few minor upgrades to make it more appealing and increase the property's value. Spruce up the yard, add smart home technology, and upgrade old appliances.
Mention these upgrades while optimizing your online listings. Your listings should feature:
- An attention-grabbing headline
- A detailed description of the property
- A list of amenities and unique features
- High-quality photos and videos
- Your contact information
- A compelling call to action
Use multiple platforms and digital marketing strategies. This will maximize your online reach and increase your tenant pool. Effective strategies include content marketing, social media marketing, and paid advertising.
2. Screen Tenants
Managing residential properties is a lot easier if you have reliable, self-sufficient tenants. As you begin receiving applications, develop a tenant screening process. Thorough tenant screening involves reviewing:
- Eviction histories
- Rental histories
- References
- Credit scores
- Employment verification
- Criminal background checks
Make sure to follow the state's landlord-tenant laws and anti-discrimination laws. Otherwise, you could face a lawsuit or fine. Work with a property management company to remain compliant.
Thoroughly screening applicants can help you find the best renters in the state. These renters will pay on time. They won't damage your property, allowing you to avoid future landlord stress.
To save time, outsource this process to a property management company. They can help you find great tenants worth retaining. Increasing lease renewals will save you money on screening and marketing.
3. Streamline Processes
As you apply these property management tips, look for ways to work more efficiently. Use property management software to automate tasks. This includes document management and rent collection.
Allow tenants to pay rent from an online portal. You can automatically charge late fees to avoid in-person disputes.
4. Hire a Property Manager
Hire a property manager. Their effective property management strategies will save you time and money.
A full-service company can help with rent collection, maintenance and inspections, and marketing. They'll help you find great tenants, boosting your occupancy rate. With their services, your profitability will improve in no time.
Ensure Effective Residential Property Management
Don't miss an opportunity to maximize your earning potential. Instead, request residential property management services. Working with a property manager can boost your occupancy rate and ROI.
Our team at PMI First State has 20 years of experience helping owners like you. We tailor our services to reach each client's unique needs.
Trust our expertise, state-of-the-art technology, and award-winning strategies. Contact us today to schedule your consultation.
