The rental market is huge at 20 million properties, and incredibly lucrative in our never-ending housing crisis. It's time for you to make that passive income dream life a reality.
Of course, it's easier said than done to buy a rental and become a landlord. There are rules and regulations, but more important than these things is how you run your side hustle. What is the best leasing management strategy to have a successful portfolio?
Like all the things in life, the answer is, "It's complicated." What works for one person may not work for everyone else. So to simplify, let's discuss four essential pointers anyone can use to maximize their overall success.
1. Leasing Management Is About Tenant Relations
Of all the property leasing techniques out there, they don't mean a thing without the tenant. Tenants often hate their landlords (about 43% do, to be precise) for a wide variety of reasons. Landlords may be hard to reach, uncooperative, and fail to keep to their agreements.
Build Strong Tenant Relations
Be the landlord that is there for your tenants at all times. Be on top of maintenance, answer their texts and calls, and resolve issues as soon as possible. It's a small sacrifice, all told, but it builds goodwill and improves your reputation, which both reap benefits later on.
2. Hire a Property Management Company
As your portfolio expands, you get stretched thin. You'll quickly find yourself juggling multiple properties and spending more than a full-time job's worth to service them.
Make things easier on yourself by hiring a property management company to manage landlord stress. You'll get so much time back, which you can use for better things.
3. Continually Improve a Property's Market Value
Just because someone is living on your property doesn't mean that its potential is fully realized. You should be continually building on your property's market value.
Renovations and Tenant Experiences
Find ways not just to improve it physically (like renovations), but in the tenant experience. This could include adding new amenities or upgrading the existing ones. Even if your property isn't vacant and the tenant's happy, there's no time like the present to improve it.
4. Conduct Regular Inspections
Inspections are essential to know where your property stands. The biggest problems usually start small and then snowball until they are catastrophic. Regular inspections are how you catch them early.
Remember, be mindful of your tenants' rights. Schedule these inspections in advance and at reasonable hours of the day. Avoid the temptation to inspect the property only once a year when renewing.
Manage with Provident
Leasing management and leasing strategies differ for everyone, but there are some core principles to abide by. Focus on building strong tenant relations and maximizing your time with a property management company. Aside from this, build up your property's value in every way possible, and conduct inspections frequently.
Provident Property Management in San Jose is a family-owned and operated firm focused on prudence and excellent service. We help landlords of all stripes maximize their returns in the long run. Reach out to us and discover how we can level up your property-owning experience.
