According to the US Census Bureau, individual investors own 70.2% of America's rental properties. Without a plan, you could struggle to compete with other owners in Nashville, TN. Your properties could sit vacant, costing you potential earnings.
Instead, rely on these real estate asset management best practices. Following these real estate management tips can help you gain a competitive advantage. Maximize your earnings today!
Review the Local Real Estate Market
Before applying the rest of these property investment strategies, research Tennessee's landlord-tenant laws. These cover:
- Required landlord disclosures
- Security deposit limits and returns
- Late fees
- Termination and eviction rules
- Tenant rights to withhold rent
- Landlord rights to access a property
- Small claims lawsuits
Consult an experienced property manager if you encounter legal trouble. Leverage their expertise to remain compliant and avoid laws or fines.
Research the local market to recognize trends and complete a rental analysis. This analysis will help you set competitive rental rates. You can consult a property manager to make your properties more appealing to local renters.
Find and Screen Applicants
Develop a property marketing strategy to direct Nashville renters to your online listing. Include:
- Search engine optimization
- Content marketing (including video content)
- Social media marketing
- Paid advertising (using Facebook and Google Ads)
- Email marketing
Enhance your online listings using aerial, virtual, and video tours. Video content is more engaging and memorable. Your properties will stand out from others in Nashville.
Establish a tenant screening process to avoid problematic renters. You can outsource this task to a property management company. They'll find renters worth retaining, boosting your occupancy rate and ROI.
Get Proactive About Maintenance
Develop a preventive maintenance plan before there's an emergency. Schedule routine inspections to spot problems that require immediate repairs. Completing repairs can protect your investment properties and improve tenant satisfaction rates.
Automate Processes
Use property management software and automation to save time and money. For example, you can direct renters to an online portal for:
- Inquiries
- Rent collection
- Maintenance requests
- Document management
Partner with a property management company that can provide access to this software. Their technology can maximize your efficiency and ROI.
Consider Property Portfolio Management
Review your accounts to determine how your rental properties are performing. A property management company can provide regular reports. You can determine effective ways to lower costs and boost returns.
Request Asset Management Services
Instead of completing these tasks alone, outsource. Work with an experienced, full-service property management company. Their services may include:
- Tenant management
- Tenant screening
- Marketing
- Rent collection
- Maintenance and inspections
- Evictions
- Property portfolio management
Their services will help you discover effective ways to maximize your earning potential.
Rely on Real Estate Asset Management
These real estate asset management best practices can help you maximize investment returns. Remember, you don't have to do it all alone. Instead, partner with a full-service property management company.
PMI Greater Nashville is committed to enhancing value through accuracy, honesty, and communication. Trust our award-winning services and 10 consecutive years in the Top 500. Contact us now for a free rental analysis.
