Did you know that 10.6 million Americans earn income from rental properties? You have a lot of competition! With the right real estate asset management best practices, however, you can maximize property profits.
These real estate investment strategies can help you attract and retain renters. They'll also maximize your occupancy rate and ROI. Read on for our effective property management tips today.
Research the Kansas City Market
Before applying the rest of these asset management techniques, research the local real estate market. Rents in Kansas City and Missouri are rising faster than almost anywhere in the US. Statewide, Missouri saw a 13% increase in rent prices.
The median rent in Kansas City increased by 7%, reaching $1,644. Instead of setting your rent at the same rate, complete a rental analysis. How does your property compare to others in Kansas City?
Set a competitive rate to attract tenants. They'll choose your property with confidence, knowing you aren't overcharging them.
Use your research to recognize which upgrades to make to your rental property. Cost-effective upgrades include:
- New floors
- New kitchen appliances
- Smart home technology
- Energy-efficient windows
- Fresh paint
- Improved curb appeal
These upgrades can help your rental property stand out in Kansas City. You'll generate more applications, opening your tenant pool.
Develop a tenant screening process before selecting renters. This will ensure you choose tenants who are reliable. They'll pay on time and won't damage the property.
Follow Landlord-Tenant Laws
Review landlord-tenant laws for Missouri before selecting renters. These laws cover:
- Rental applications
- Tenant screening
- Security deposits
- Required landlord disclosures
- Late fees
- Tenant rights to repair and deduct
- Small claims lawsuits
- Termination and eviction rules
Ignoring these laws could lead to fines or lawsuits against tenants. Remain compliant to avoid costly legal fees.
Upgrade and Maintain Rentals
In some situations, the tenant may have the right to complete repairs and deduct the cost from their rent. Before that happens, schedule routine inspections. Complete repairs within 14 days to avoid these situations.
Otherwise, tenants may choose to withhold rent. It's your responsibility to provide them with a safe, habitable place to live. Maintain your properties to ensure they're profitable real estate investments.
Market Listings Online
Use digital marketing strategies to reach Kansas City renters. These include social media marketing and paid advertising. Show off your beautiful investment properties to encourage people to apply.
Outsource to Maximize Property Profits
Instead of applying these real estate investment strategies alone, work with a team of professionals. A property management company can ensure your success in today's competitive market. You can leverage their proven strategies and expertise to gain a competitive advantage.
Request Real Estate Asset Management Services
Effective real estate asset management can feel stressful at first. Use these property management tips to remain organized and efficient. Otherwise, outsource.
Our team at PMI Fountain City prides ourselves on our commitment to quality service. We use award-winning services and state-of-the-art technology to support our clients.
Recognized across multiple industries, we have a strong track record of success and the awards to prove it. Contact us now for your free rental analysis.
