Taking care of your assets is vital for any real estate portfolio.
If you neglect your properties, you'll likely incur fines from your city. You may receive low ratings from tenants, finding it hard to fill vacancies. Letting repairs pile up will result in much higher expenses.
It's much easier to take care of one investment property, but how do you handle multiple?
Buying and renting out properties consistently is essential for building a real estate portfolio. You need a team of experts that can handle every responsibility, from leasing to marketing. These tasks fall under the umbrella of property management.
Thus, your first step is to find an experienced property management company you can trust.
Learn more about the value of working with property managers.
A Dependable Tenant Screening Process
Unfilled property vacancies generate higher expenses. You must cover the costs of property taxes and utilities.
Property managers ensure your units are filled consistently. However, it takes more than just finding a tenant.
The wrong tenant can incur even more expenses like property damage and noise complaints. That's why thorough tenant screening is so vital.
Tenant Screening Meets Marketing
Tenant screening actually begins with the marketing process.
Business owners create ideal customer profiles to help them build marketing strategies. The goal is to create marketing material that appeals to their target clientele. The same applies to the rental industry.
Start by describing your ideal income. This is called a tenant profile.
Your tenant profile should include:
- Income bracket
- Excellent rental history
- No criminal history
- Credit scores
- Ideal behavior (quiet, pays rent on time, etc.)
Include these expectations in your real estate listing content, attracting leads who fit these demographics. This point speaks to the importance of communicating tenant expectations with property managers. Fortunately, experienced property managers understand these expectations, ensuring only the best applicants make it through.
Attract Ideal Tenants With Marketing
It's also the role of the property manager to create a positive experience for applicants.
Property management companies invest in professional photography to showcase your property in the best marketing light. They also stage properties to create excellent in-person experiences that close the deal. They also clean up curb appeal to attract potential leads on foot.
The Value of Property Maintenance
A glue that ties property management responsibilities together is maintenance.
You need maintenance services to market clean, inviting properties to ideal tenants. A fast, reliable maintenance protocol is also necessary for keeping your best tenants.
Lease renewals generate more profit by cutting back on tenant screening and marketing. However, you must invest in routine maintenance and upgrades to keep ideal tenants happy.
Maintenance and communication go hand-in-hand.
For example, PMI Greater Nashville provides tenants with online maintenance portals where they can request services. They can also call their property managers for emergency services.
Invest In the Potential Of Your Investment Property
Don't let a real estate portfolio go to waste!
Start working with PMI Greater Nashville to improve your tenant screening, marketing, and maintenance strategies.
Browse our property management services to learn how we can make the most of your investment property. Call us today to talk to an expert.
