About 70% of the rental properties in the US are owned by individual investors. Are you among them? As a real estate investor, there's a lot you need to do to remain competitive.
With these real estate asset management best practices, you can get ahead! Become a great real estate investor in the Greater Philadelphia area. Learn how to better manage your landlord portfolio today.
Research Local Laws
Review the current landlord-tenant laws in Pennsylvania. Understanding these laws can help you remain compliant. These laws cover:
- Required landlord disclosures
- Small claims lawsuits
- Security deposit limits and returns
- Rent rules
- Landlords' rights to access properties
- Tenants' rights to withhold rent
- Termination and eviction rules
Keep up with new federal, state, and local laws and regulations. Don't forget the US Department of Housing and Urban Development's regulations. Consider the latest anti-discrimination laws before screening applicants.
Start Marketing
Your real estate property won't generate revenue if it's sitting vacant. Develop traditional and digital marketing campaigns. Leveraging both will expand your reach and tenant pool.
These strategies include flyers, signs, and digital ads. Engage potential tenants using social media. Share engaging videos (including walkthrough tours) to capture their attention.
Enhance your online rental property listing to make it more enticing. Mention the latest upgrades you've completed to drive applications.
Screen Applicants
Once you begin generating applications, establish a tenant screening process. Review each applicant's:
- Rental history
- Eviction history
- Employment verification
- Credit score
- References
Skipping this process could leave you with troublesome tenants. They may cause landlord stress, including damage to your rental property.
Completing this task can become time-consuming, especially if you have a large landlord portfolio. Consider outsourcing. A property manager can complete this task in a fraction of the time.
Prioritize Retention
After attracting great renters, try to retain them. Retaining tenants will strengthen your occupancy rate. You'll generate more rental income.
Incentivize tenants with gift cards or rent discounts. Try developing a referral program. Your best renters can attract new renters, increasing your occupancy rate.
Maintain Your Rental Property
Keep up with inspections to ensure your property doesn't crumble. Otherwise, you may struggle to attract new renters.
Build an emergency fund now to cover repairs later. If you delay completing repairs, tenants may take legal action. You'll lose rental income as your vacancy rate increases.
Hire a Property Manager
Instead of managing your own landlord portfolio, outsource. Hire an experienced property manager. They can oversee these tasks and keep tenants happy.
Hire tenant satisfaction rates can lead to more lease renewals. Your ROI will rise and you'll have peace of mind knowing the property is in good hands.
Improved Real Estate Asset Management
You don't have to apply these real estate asset management tips alone. Instead, partner with a property management company. Rely on their experience and expertise to become a great real estate investor.
Our team at Property Management International Greater Philadelphia can help you maximize your earning potential. Rely on our state-of-the-art software and effective management strategies. Contact us today for help with your beautiful rental property.
