Individual investors own 70% of America's rental properties, though not all of them are doing well. Rising prices and lack of supply are causing challenges for real estate investors. Without a plan, you may struggle to compete.
Apply these real estate asset management best practices to generate more revenue. With these strategies, you can maximize your profitability. Ensure effective portfolio management today!
Research Local Laws
Research California's landlord-tenant laws and keep track of upgrades. California is a tenant-friendly state. It was one of the first states to enact rent control laws statewide.
Landlord-tenant laws consider:
- Rules about accessing a rental property
- Late fees and rent rules
- Rental application and tenant screening
- Rent control
- Terminations and evictions
- Tenant rights to withhold rent
- Small claims lawsuits
- Required landlord disclosures
- Security deposit laws
Remain compliant with housing laws to avoid fines and lawsuits. If you encounter legal trouble, consult an expert.
Market Vacant Listings
Develop a thorough marketing strategy to reach renters in San Jose. Use a mix of traditional and digital strategies. These include:
- Signs
- Flyers
- Digital ads
- Search engine optimization
- Social media marketing
- Influencer marketing
Ask tenants to share reviews about their experience living in your property. Positive reviews can help you appeal to future renters.
Maintaining ongoing campaigns can help you avoid vacancies. If people don't realize the property is available, it will remain empty.
Screening Applicants
Don't rush to fill a vacant unit. Instead, develop a tenant screening process. Gather multiple reports, including:
- Criminal background checks
- Credit scores
- Eviction histories
- Employment verification
- References
Some landlords only focus on employment verification. You could choose a renter who has a history of causing trouble.
Hire a rental property management company. Their leasing-only service can save you time and money.
Develop a Preventative Maintenance Plan
Create a landlord emergency fund before there's an incident. Use this fund to cover taxes, inspections, and repairs.
Develop a preventative maintenance plan to protect your investment property. Prioritize critical systems. These include electricity, plumbing, and HVAC.
Allow tenants to submit requests through an online portal. You can track maintenance projects and minimize delays.
Optimize Operating Costs
Look for ways to optimize operating costs. Start by reviewing your expenses each month. Try to negotiate better rates with contractors.
Leverage state-of-the-art technology to operate more efficiently. You can save money using automation.
Hire a Full-Service Property Management Company
Ensure your success. Partner with a turnkey property management company.
A full-service property management company can handle:
- Tenant screening
- Marketing
- Rent collection
- Accounting
- Evictions
- Maintenance and inspections
These services will save you time and money. You can protect your investments and ensure your success in a competitive market.
Better Real Estate Asset Management
Developing an effective real estate asset management strategy can take time. Don't try to juggle these tasks alone. Instead, hire a rental property management company.
Our team at PMI San Jose is part of a fast-growing, dynamic franchise. We've been changing the industry for nearly 20 years.
Rely on our proven strategies, state-of-the-art technology, and experienced team. Contact us today to request our full range of management services.
