6 Real Estate Management Tips from a Pro to Boost Your Rental

6 Real Estate Management Tips From A Pro To Boost Your Rental

Real Estate being a trillion-dollar industry doesn’t mean everyone can afford to buy or invest in a property. This is why the apartment rental industry keeps growing steadily in the United States.

Rental homes or units are a huge part of the real estate industry because of the top competitors within the markets.  As a rental property owner, the competition to get tenants for your homes keeps getting intense every day due to more properties springing up within the neighborhood.

Professionals following these market trends have come up with tips on how you can boost your rentals to become a favorite for house-hunting tenants. All you need to do is follow the points highlighted below very closely and put them to use for your own good.

1. Develop A Market Niche

One of the best ways to stay in business in the apartment rental industry is to create a market niche for yourself and watch as it increases your property’s return on investment (ROI).

A large percentage of prospective tenants are usually looking for houses where pets are allowed; this is a market that you can venture into, and it will put your property on the radar all the time.

These prospective tenants do not mind paying exorbitant pet allowance fees as long as it ensures that their little ball of fur gets to be with them inside their rented apartment.

Also, you can venture into student housing, primarily when your property is situated in a school environment. It is another way to keep your real estate business booming, as you can renovate it into private rental units suitable for students.

If your property is located in a general or working-class area, you can boost its investment by providing a non-smoking and health-conscious home for office workers.

Conduct rental market research in your neighborhood to see gaps you can fill with your property offerings, and you will have the key to the city in no time.

2. Maintain and Renovate

Many rental properties are deteriorating at an alarming rate because of the owner’s or property management’s inability to keep up with maintenance, affecting ROI.

So, if you want to increase your property value, you’ll have to be diligent with care or splurge on an entire renovation project. When your property stands out and has requisite basic amenities compared to other properties in your neighborhood, it generates high demand.

Spend money on upgrading appliances, utilities, and upholstery; it will call attention to your rental properties. Improve on the general aesthetics of the building with some landscaping works and request for a high-end rent; you’ll still have your hands complete with lease forms or having to choose which tenants you want in your building.

3. Change Your Property Management Company

Change Your Property Management Company

The one thing that may hinder you from getting your ROI on that rental property might be the property management company handling it. The company operating your rental property may not be selling it right to prospective tenants.

For your properties to move faster in the market, you have to replace them with other professionals who better understand the rental apartment terrain.

Also, using local property managers conversant with the area where your rental property is situated could help you rent out your property faster, as they know how to get the word out to locals regarding the availability of properties for rental or lease.

Property management companies also have a lot to do when building maintenance, which affects property value. If the current one you’re patronizing is lagging, it is not a bad idea to replace them if it will help you get proper ROI for your rental properties.

4. Reduce Turnover

As a rental property owner, replacing tenants in your building every year affects turnover as it would affect your expenses. You will incur additional fees when you put the house back on the market for rent, but this can be avoided when you get creative with your lease agreement.

How? Consider short-term leases with built-in rent increases, and this will increase the pricing power of your rental, as the prospective tenant would have to pay more money to secure the lease.

Also, a month-to-month lease could help you boost your rental income, as this arrangement would suit executives on the contract or temporary transfer. Meanwhile, you can boost the value of your property by making the lease with the option to purchase property available on your rentals; this will boost your property value, too, primarily if it is located in a highbrow neighborhood.

5. Add Auxiliary Services

To increase the unique selling point of your rental, make auxiliary services available within your property premises. Having a parking space around the area or creating a storage area within the building will attract more tenants to your building, especially if your property is in a city where parking space is scarce.

Also, situating a laundry service on your property or putting a vending machine in the lobby are appealing for your rental property because your tenants would want to do laundry now and then. A laundromat within the building is a good USP to get them interested.

Having a fitness center in the building is also an auxiliary service that would boost your rental property’s profile in the neighborhood, especially a working-class neighborhood.

6. Cut Down Operational Expenses

Providing prospective tenants with a rental apartment that offers reduced utility bills is an excellent way to boost the prospect of your property. No one would like to rent an apartment where they have to pay exorbitant prices for power, gas, water, sewer, and other utilities.

As a property owner, utility bills are operational expenses that need to be reduced to the nearest minimum if you want to get better income and return value for your property.

Putting your house or properties on an apartment rental listing is not hard, but staying there or attracting prospective tenants is highly competitive.

Follow the simple guide mentioned above, and you will have potential tenants fighting themselves over your property to rent.

Russell Jones

VP of Operations @ Phyxter and Home Improvement Specialist

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Phyxter (pronounced Fix-ter) is a national home services brand specializing in Residential HVAC, Electrical and Plumbing solutions.

Phyxter is laser-focused on writing the best articles and guides to empower homeowners to get the best out of their homes.

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