Over a quarter of all single-family homes in the country are owned by property investors.
Being a property investor comes with a lot of perks, especially in a bustling city like Seattle which has a stable economy and strong housing market. When you start to expand your property portfolio, you need to start thinking about portfolio management.
Creating long-term stability for your properties requires you to give them the attention they need. Keep reading and we'll explain how caring for your properties and the people inside them can help you maintain a stable property portfolio.
Review Your Property Portfolio Regularly
When you're investing in new properties, it's important to keep diversity in mind. Try to spread your property ownership around Seattle so that you can keep a wide array of units to capitalize on.
With your current portfolio, it's crucial to review it regularly. Keep an eye on financial performance, tenant relationships, and long-term maintenance needs. Doing so will give you insight into how they're performing, but also what you need to do to improve the investment for more stability.
Good Marketing and Screening Strategies
The key to owning residential and commercial real estate is having great tenants. To fill your vacancies, you need a strong marketing strategy. So, what does this include?
Good marketing involves writing detailed property listings with professional real estate photos. With a good listing, you can attract the right types of applicants. If need be, try different digital marketing strategies - SEO, paid ads, social media - to cast a wider net.
Once you've got applicants, you need to screen them. Tenant screening involves looking into the applicant's financial and personal background. They'll include criminal background, credit, and character reference checks.
Property Maintenance and Tenant Management
Once you select an ideal tenant, it's your job to keep them happy. Having high tenant retention rates is the hallmark of a successful property. Good tenants will keep real estate costs down and property values high.
The best way to keep tenants happy is by looking after your property. Perform preventative maintenance and promptly respond to tenant maintenance requests. If you let a property fall into disrepair, your tenant will inevitably leave.
Another way to please tenants is to implement technology wherever possible. For instance, a tenant portal where tenants can pay rent and ask questions makes communication so much easier. You can look at it as providing quality customer service for your tenants.
Hire a Property Manager for Portfolio Management
When you have numerous properties in your portfolio, it can be difficult to stay on top of them. The problem is that you need to treat each property as an important piece of your business. If you find yourself falling behind on anything we've talked about here, it might be time for property management.
Brink Property Management has been helping Seattle's property investors since 1996. Our portfolio management services cover every aspect of what was mentioned here in this post and then some. To learn more about how we can help you with your investments, contact us today.
