Did you know that more than 40% of people in California are renting their homes? Aside from New York, California is one of the best locations to own property.
Unfortunately, if you don't do anything with your land or buildings, you can't profit off of tenants. Whether you're still figuring out your real estate asset management strategy or not, you don't want to miss the basics. With a strong foundation, your real estate asset management team can excel in the Folsom area.
Check out the info below if you want to discover the best practices that'll help money flow into your account!
Be Proactive with Inspections
If you're in real estate asset management, you can't overlook the importance of inspections. Property inspections help save money in the long run and prepare you for rental property upgrades that can be costly without a plan.
Create a property inspection schedule so you don't fall behind. Each time you complete an inspection, book another for the following year, if not sooner. Our property management team in Folsom can help you with inspections so you can become a hands-free landlord!
Streamline Processes with Tech
Did you know that you can accept payments, handle communication, and create maintenance tickets in one place? Online property management software can help you streamline processes and become more profitable.
If you don't want to miss a tenant's payment or repair request, they need a platform to connect with you. Management software and a website can save you and your landlord time and money on rental property maintenance. With nearly five million people falling behind on rent, you don't want to contribute to missed payments.
Research Rent Pricing
The best way to avoid evictions and empty rooms is to find the best price for your rentals.
Aside from doing a market analysis, you'll want to consider property maintenance in your prices. Setting the right price will ensure you have money to save for future projects and promotions. Once you complete thorough tenant background checks, you'll feel confident you'll receive all the payments.
Prioritize Retention
A bad reputation is easy to come by, which can prevent you from making the money you want. To be successful, you must look beyond rent collection and consider retention.
Long-term residents are more likely to care for the property and you won't have to conduct as many criminal background checks. You can build trust with your tenants, especially if a hands-on landlord is in the same building.
Spearhead Your Real Estate Asset Management Plan
To take charge of your real estate asset management plan, you need to know where most companies falter. Our team helps you understand the struggles of landlords and real estate owners so you don't waste any money.
At Residential Equity Management, you can find help with resources and agents. We won't waste your time, in fact, we can help you streamline processes to make the most of each day.
If you're in the Folsom area, our team is ready to help you exceed asset expectations and goals. Once you're ready to take full ownership of your property, schedule a free consultation!
