With the rental vacancy rate in the US reaching 6.4%, many landlords are struggling to compete. Do you know how to increase your property value and ROI? If not, you could lose revenue due to vacancies.
Before that happens, apply these real estate asset management best practices. With these tips, you can get ahead of other property owners in the Greater Seattle area. Remain competitive and boost your profitability today.
Improve the Property Value
Upgrading your rental property will increase the rental and market value. It can also lead to tenant retention and improved property maintenance.
Beautiful, well-maintained properties are more attractive to renters. You can increase your tenant pool and fill vacancies faster. Upgrades will reduce the need for immediate renovations, minimizing costs.
Choose upgrades that renters in the Greater Seattle area want. Meeting their needs can help attract renters.
Upgrades that can increase the property value include:
- Investing in landscaping
- Updating old windows and doors
- Adding fresh coats of paint
- A new garage door
- New kitchen appliances
- Beautiful backsplash
- Energy-efficient appliances
- Investing in durable hardwood flooring
Start Screening Tenants
Inaccurate tenant screening reports are driving costs up for renters. However, 65% of complaints about these reports are due to inaccurate information. Many do-it-yourself reports are outdated.
Instead of doing it yourself, hire a property management company. They can gather more comprehensive, accurate information.
Their reports should cover criminal background checks and eviction histories. Ask for references from previous landlords. Use employment verification and credit score reports to confirm tenants can pay rent on time.
Maintain Good Tenant Relations
Keeping tenants happy can lead to more lease renewals. You can save money on tenant screening and marketing. You also won't experience landlord stress due to vacant properties.
Use a tenant portal to respond to tenant inquiries quickly. Automation tools will allow you to respond to FAQs promptly.
Otherwise, allow a property manager to ensure good tenant relations. They'll keep tenants happy, reducing tenant churn.
Keep Up With Property Maintenance
Neglecting your rental property will cause it to crumble. Tenants may get upset and even sue. Keep up with property maintenance by scheduling routine inspections.
Analyze Financial Performance
Work with a property management company to improve your financial performance. They can implement cost-saving measures to increase your ROI.
For example, they can hire Seattle contractors at competitive rates to reduce maintenance costs. They can develop marketing strategies to reduce vacancies.
Keep track of your finances before you need landlord rescue services. Review occupancy rates, operating costs, and your cash flow routinely.
Hire a Property Manager
Instead of managing your properties alone, outsource these tasks. Hire a full-service property management company.
Their proven strategies can optimize your portfolio and cash flow. With their help, you can generate more revenue and remain competitive.
Invest in Real Estate Asset Management
Proper real estate asset management can seem stressful without help. Don't complete these tasks alone. Instead, hire a property management company.
Our team at Brink Property Management has 27 years of experience in the Greater Seattle area. Rely on our efficient, dependable strategies.
We can increase the value of your investments. Contact us to schedule your consultation!
