There are different types of real estate investments, but nothing brings in consistent income like rental properties. With the right strategy, you can fill vacancies in no time, creating consistent financing for your portfolio.
Where does this strategy begin?
It starts with purchasing the right homes for rent. You can do this on your own, but you'll have greater success working with a property management company.
Here are the steps you should take to build a rental portfolio with big returns.
Purchase Homes For Rent Through a Property Management Company
There are many benefits to working with a property manager, including keeping all of your real estate investing services under one hub.
First, start with your goals for rental real estate investing.
What's your budget and how much income do you want to generate in the first year? It helps to write down a 5-year plan, including the number of properties you'd like to own.
a real estate expert will help you find a property that will realize your goals. Homes in high-demand neighborhoods will attract the most attention; this will fill vacancies quickly so that you can buy your next property.
Invest In Property Maintenance
Next, you'll need a serious property maintenance protocol. This point also necessitates the need for a property manager. Your manager will visit your property daily to ensure it is safe, up to code, and has excellent curb appeal.
Curb appeal entails porch upkeep, exterior painting, roofing and siding, sidewalk sweeping, front yard landscaping, and tree trimming and removal.
This maintenance is necessary for taking clean, professional real estate photos for rental listings. It also attracts potential tenants on foot or by car. Excellent curb appeal also lifts the spirits of tenants and helps maintain the visual integrity of the area.
Excellent visual integrity increases property values (including surrounding values) which allows landlords to increase rental prices, generating even more income. You should upgrade properties periodically to boost values and, subsequently, generate more income.
You'll need a reliable property maintenance solution once tenants move in. This is a top priority for potential renters. Your property manager must be as prompt as possible to service requests.
Property managers forge working relationships with local vendors to ensure repairs and upgrades are delivered quickly and effectively.
Tenants may also have access to online maintenance request portals where they can submit service calls.
Marketing Rental Properties In Arizona
Property maintenance is also a part of real estate marketing; this includes everything from photos to listing amenities.
Property marketing requires many tasks, from copywriting to listing submission. Your property manager will handle these tasks for you, including staging open houses for prospective renters.
Don't forget that excellent tenant service is a cornerstone of property marketing. Think of this aspect as "customer service."
What level of service would you expect from your landlord?
This question is a great place to start.
Start Building a Rental Portfolio
Do you want to fill your Arizona real estate portfolio with more homes to rent?
Remember the above tips as you navigate the market. Remember to work with an experienced property manager from the start, invest in property maintenance, optimize your marketing, and prioritize tenant service.
LHM Realty wants to help you succeed in this niche. Call us today to book an appointment.
