45% of Riverside's dwellings are renter-occupied, so if you're a new real estate investor, this is a great place to start.
Building a strong real estate portfolio is always easier with a lucrative rental property. Having a steady stream of rental income can provide a lot of freedom, as well as the foundation for other property investments down the road. The only thing is that running a successful rental property is a lot of work.
In today's post, we'll help you develop strong real estate investment strategies with a few key property management tips. Keep reading and you'll see that maximizing rental income can be simpler than you might realize.
Prepare Your Unit
After you've closed on your first real estate investment, you need to make sure it's a viable rental property. If you're going to attract the right type of renters, you need to present them with a desirable rental unit.
Start by performing any preventative maintenance and/or repairs the property may need. Think about the things tenants value and make upgrades according to your budget. The more you invest in your rental property, the more return you'll see.
Market Vacancies
Since Riverside has such a thriving rental market, you're going to find a lot of competition for the best renters. It's in your best interest to put everything you have into marketing your vacant unit.
Start with your rental listing. Thoroughly describe your property, highlighting its assets, as well as the amenities in the local area - location is so important. Complete the listing with a few dozen detailed real estate photos that showcase your property in the best light.
Place your listing on the rental site of your choosing. If need be, you can even invest in SEO and paid ads to secure more applicants.
Screen Tenants
When applications start rolling in, you need a way to vet them so you end up with the perfect tenant. The only thing worse than rental vacancies is poor tenants who actively cause problems and damage your property.
Tenant screening should involve background, credit, and reference checks. A background check will tell you if an applicant has any concerning criminal history. Credit checks tell you if they'll be able to afford rent each month and reference checks tell you more about their character.
Maintain Your Property
Once you secure a great tenant, it's up to you to keep them happy. The best way to establish a great landlord-tenant relationship is to provide great communication, but also to simply look after your property.
Perform preventative maintenance on your unit and respond promptly to tenant maintenance requests. The more you care for your property, the happier your tenant will be. The happier the tenant is, the easier retention is, making your unit more lucrative.
Thrive as a Real Estate Investor with PMI
Follow these tips for new landlords and you'll thrive as a real estate investor. If it sounds like a lot of work, that's because it is, so don't hesitate to get help if you're overwhelmed.
The right property management can make being a landlord simple. At PMI Riverside, we offer comprehensive services that include everything mentioned here and more. Contact us today to learn how we can help you be the best possible investor.
