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Landlords generate an average income of $97,000 a year (US Census). How do your earnings compare? Without proper real estate asset management, you won't experience real estate portfolio growth.
Instead, you may need to compete with the other 10.6 million Americans earning income from rental properties. They could steal your would-be tenants, leaving your properties vacant.
Not sure how to maximize property ROI? Read on for our expert tips to boost your portfolio's growth.
Understand Local Laws
Reduce property risks by researching Washington's landlord-tenant laws. These laws cover:
- Required landlord disclosures
- Security deposit limits and returns
- Small claims lawsuits
- Tenant rights to withhold rent
- Late fees
- Landlord rights to access a property
- Tenant protection against retaliation
Review local, state, and federal laws and regulations to remain compliant. Federal regulations cover discrimination and environmental health hazard disclosures.
If you need legal help, consult a property management company. Leverage their expertise to avoid fines, lawsuits, and other legal consequences.
Maintain Your Real Estate Investment
Schedule regular inspections to spot growing issues with each rental property. You can catch problems before they worsen. Otherwise, you could spend thousands of dollars on renovations.
Make it easy for tenants to submit maintenance requests. For example, you can provide them with access to an online tenant portal. Keep track of projects to ensure there aren't delays.
Otherwise, tenants may grow frustrated. They may complete the repairs themselves and deduct the cost from their rent.
Allow a property management company to handle these inspections and repairs. Their services can improve tenant satisfaction, ensure compliance, and preserve the property's value.
Protect Yourself From Property Risks
Consider getting landlord insurance to mitigate potential property risks. Require tenants to have renter's insurance before they move in.
Before selecting renters, develop a tenant screening process. Review each applicant's:
- Credit score
- Rental history
- Eviction history
- Criminal background
- Employment verification
- References
Choosing reliable renters can help you avoid problematic situations. Otherwise, you may choose renters who pay late, damage the property, or cause legal trouble. You can outsource your tenant screening needs to a property management company.
Improve Tenant Relations
Keeping tenants happy can lead to higher satisfaction rates. You could have an easier time encouraging lease renewals. Retaining renters will improve your occupancy rate and ROI.
To improve tenant relations:
- Be friendly and professional
- Respond to inquiries promptly
- Host events
- Keep up with maintenance
Hire a Property Management Company
You don't have to apply these tips alone. Instead, partner with a property management company. Choose a company that offers financial management and portfolio diversification services.
With their help, you can increase efficiency, reduce operating costs, and maximize your property ROI. Their proven strategies can help you remain competitive in today's market.
Enhance Your Real Estate Asset Management
Proper real estate asset management can maximize your returns. You can generate more income from your real estate investment without stress.
Remember, you don't have to apply these strategies alone. SJC Management Group has helped 2,140 owners and 3,140 tenants. Trust our professional guarantees, awards, and accreditations.
We can simplify the process of management to reduce your stress and anxiety. Rely on our unwavering dedication and expertise. Contact us now for a free rental analysis.
