Most real estate investors acquire rental properties because they want to make money. Not only are you looking for consistent rental income; you also want to increase your ROI. Today we have some tips and tricks that will help you earn more on your investment. The market has a lot to do with what you earn, but there are a few things you can control, and we’re helping you focus on those details.
Avoid Vacancy and Turnover
A vacant property is not earning any money. In fact, it’s costing you money. You have to cover the cost of the property without any income from rent, and you also have to pay for things like utilities, lawn care, and cleaning. Avoiding vacancy needs to be a priority. Get your property rented quickly by pricing it competitively and advertising it well. Once you have a great tenant in place, do everything you can to keep that tenant there. Be responsive, show your appreciation, and consider what it would cost to find a new tenant before you raise the rent at every lease renewal. Raising the rent is often necessary and most tenants expect it, but make sure it’s a reasonable amount and matches the current market.
Stay Current with Upgrades and Updates
Providing an attractive, well-maintained home will help you rent it faster and to better tenants. It will also increase your rental value. When you’re preparing your property for the market or getting it spruced up between tenants, consider making a few minor and cost-effective upgrades. There’s no need to conduct a complete renovation. But, a fresh coat of paint on the walls is a good idea. Pull up old carpet and install hard laminate flooring instead. New hardware on drawers, cupboards, and sinks can make a big difference, too. Update lighting and ceiling fans. Create a little extra curb appeal with your landscaping. These things matter to tenants and increase both your price and your retention.
Make Maintenance a Priority
Putting off maintenance items – even small issues – will only become more expensive and damage your ROI. It also drives away good tenants.
Emergencies need to be responded to right away when you own rental property. But, you should have a sense of urgency when it comes to routine repairs as well. Staying on top of your property’s maintenance needs will protect its condition and increase the value of your asset. It also makes your tenants feel cared for and supported.
Work with Professional Sonoma County Property Managers
The best way to increase your ROI is by working with a professional property management company in Sonoma County. Professional property managers can use their experience and their resources to help you earn more money. With an expert residential manager taking care of your investment, you can expect:
- Lower vacancy times
- Better marketing
- Accurate rental pricing
- Higher quality tenants
- Reputable and cost-effective vendor relationships
- On-time rental collection
- Eviction and legal protection
If you’d like some help earning more and spending less on your investment property, please contact us at Healdsburg Property Management. We have some other ideas that may bring you the results you want.