Veteran Owned & Operated!
Is your Charlotte investment property collecting dust, draining instead of adding money to your accounts? The rental vacancy rate in the US is over 6%. If your investment property is empty, you'll continue losing income.
Instead, use these real estate asset management tips to maximize your cash flow. With these tips, you can become one of the most successful landlords in Charlotte!
Invest in Rental Marketing
Reduce your rental vacancy rate by marketing your investment properties. A thorough rental marketing strategy includes:
- Real estate photographer
- Rental listing optimization
- Search engine optimization
- Email marketing
- Paid advertising
- Social media marketing
- Content marketing
Use search engine optimization to ensure your listing appears in front of local renters. About 47% of people first look online when searching for properties. Use virtual and video tours to help your listing stand out.
Screen Applicants
Unreliable, troublesome renters can add to your financial stress. Avoid unreliable renters by developing a tenant screening process. Review each applicant's:
- Income/employment verification
- Criminal background check
- References
- Credit score
- Eviction history
Avoid renters with a history of causing property damage or paying rent late. Instead, find renters you can trust. Develop strong tenant-landlord relations with these renters to retain tenants.
Communicate With Tenants
Draft a tenancy agreement for renters to sign before they move in. Have a property manager hold them to your lease agreement terms.
Use an online tenant portal to communicate with renters. Ongoing communication can minimize misunderstandings. Instead, renters will learn to trust and rely on you over time.
Respond to tenant inquiries as soon as possible. Delays could lead to upset renters.
If you're unavailable, use automation or hire a property manager. Renters will feel more confident in your abilities as their landlord. They may decide to stay knowing they can rely on you.
Reduce Operating Expenses
Review your income and expense reports regularly. Keep operating expenses as low as possible.
Consider hiring a full-service property management company. Choose a company that can help with:
- Tenant screening
- Rental property accounting
- Cleaning
- Inspections and maintenance
- Marketing
- Security
Otherwise, utilizing too many different vendors can increase operating expenses.
Follow Laws and Regulations
Keep up with North Carolina's tenant-landlord laws. Neglecting to follow laws and procedures can lead to fines or lawsuits. For example, tenants can sue you if you fail to complete maintenance in a timely manner.
Maintain the Property
Invest in routine inspections and property maintenance. Maintaining the property can minimize future expenses. If the property falls apart, future renters will look at other properties.
Hire a Property Management Company
Operate more efficiently by hiring a property management company. An experienced property manager can help you apply industry best practices.
Leverage their expertise to gain a competitive advantage in the industry. Use their state-of-the-art technology to improve efficiency and accuracy. This will minimize costly mistakes.
Use Real Estate Asset Management Services
Applying these best practices will ensure your investment property works for you, not against you. To thrive in today's market, consider requesting real estate asset management services. Working with a property manager will save you time and maximize your profitability.
PMI Charlotte Metro is part of the country's fastest-growing property management franchise. Leverage our 20 years of experience, proven strategies, and technology. Contact us today to meet your property manager.
