The average vacancy rate in the Portland, OR metro area increased from 5.5% to 6.2%. If your properties are sitting empty, you need to reevaluate your plans.
Proper real estate asset management can help you find and retain renters. You can gain a competitive advantage and maximize rental income.
Not sure where to start? Read on for our top real estate investment tips today.
Find and Retain Quality Tenants
Develop a property marketing strategy to find quality tenants online. Effective strategies include:
- Cleaning and staging the property
- Hiring a real estate photographer
- Optimizing the online listing
- Social media marketing
- Email marketing
- Paid advertising
- Search engine optimization
- Content creation
These strategies will direct more people to your online listing. Provide your contact information and use a strong call to action to generate applications.
Develop a tenant screening process to avoid problematic renters. These individuals may pay late or damage your property. Instead, choose reliable renters you want to retain.
Improving your retention rate also improves your occupancy rate. This will maximize your earning potential.
Encourage lease renewals by offering incentives. Consider offering property upgrades, rent discounts, or gift cards. These incentives will show tenants you care and want them to stay.
Research the Local Market
Research the Portland, OR rental market before setting your rental rates. Complete a rental analysis to:
- Recognize property demand
- Determine appropriate rent prices
- Track market trends
If you need help, work with a property management company. They'll help you set optimal rental rates. Otherwise, you could set the rent too low, affecting your profitability.
Maintain Your Properties
Regular inspections and routine maintenance can keep your investment properties from crumbling. You can spot minor issues before they worsen. This can help you avoid time-consuming and costly repairs.
You can enhance the property value with upgrades. These can include:
- New floors
- Energy-efficient windows
- Smart home technology
- Fresh paint
- Updated appliances
- Upgraded lighting
- Improved curb appeal
Allow tenants to submit maintenance requests online. Keep up with repairs to improve tenant satisfaction rates.
Implement Financial Management
Work with a property management company to implement effective financial management practices. Start by monitoring your key financial metrics. This includes occupancy rates, delinquencies, and expenses.
Hire a Property Manager
For more effective asset management, partner with a property management company. Choose a full-service company that can enhance your returns.
Their services can improve tenant satisfaction rates. Happier tenants are more likely to renew their leases.
An experienced team can help you apply the most effective property management strategies. They'll help you operate more efficiently, improving your ROI.
Apply Real Estate Asset Management Practices
Don't miss the chance to maximize your rental income. Instead, start applying these real estate asset management practices. With these property management strategies, you can gain an advantage in today's competitive market.
Remember, asking for help can make all the difference. Our team at PMI Bridgetown offers property management you can trust. We've been changing the industry for nearly 20 years.
Recognized across multiple industries, we have a strong track record of success and the awards to prove it. Contact us now for a free rental analysis.
