Property management is probably the most important piece to putting together a successful real estate investment business. The number one expectation of any property manager should be to keep your properties rented. However, depending on the circumstances, it can take some time. Using licensed property manager truly helps. They will have all the processes in place to better publicize and manage your property. The ones that seem to be most successful have leasing agents. Finding tenants is all they do. The cost is a little more, but when you have a higher percentage of rented units, it means more money in your pocket.
A good relationship with your property manager is essential. The manager is part of your business team. Remember, generally speaking your property manager is not making a lot of money from your rental. His business is based on volume. So at times you may need to be patient. You are not the only client the manager is handling
If your unit is vacant, then follow-up regularly with your manager, but do not hound him. In most cases the manager is doing all they can to get your unit rented. However, if you have a problem rental, then give your property managers options to help get it rented. For example; Run a 90 day $ off special. Then after the 90 day’s the rent goes back to normal. Or throw in a micro-wave or other small appliance. These incentives will help make your rental stand out among the others.
Being productive, with new ideas and ads will help you not only keep your property rented, but you will soon learn the best ways to keep it that way! Brett Young Valley Realty http://www.rooftopprofitmax.com/
No comments:
Post a Comment