Are you earning as much as you can with your Temple City investment property?
The market has been performing in such a way that many rental property owners find themselves in a strong position. Their properties have increased in value, and the rents they’re earning are higher than ever.
This is good news. But as we know, markets change and rental trends shift. You need to feel comfortable that you’ll always generate a great return on your investment.
Here are some tips for doing that.
Focus on Avoiding Vacancy and Turnover
A vacant property doesn’t make you any money. It actually comes with costs and a lot of stress. You’re not bringing in any income, and you’re also paying out-of-pocket for things like utilities, maintenance, landscaping, pest control, and security. You have to pay to market the home for a new tenant.
Turnover costs are even more expensive. When you’re preparing the home for a new lease term, you’ll have to repair any wear and tear issues that were left behind after the last tenancy. You’ll need to paint, clean carpets, and maybe install new appliances.
If you can attract and retain great tenants, you’ll increase your ROI by saving money on vacancy and turnover losses. You’ll also create more stability for your property and avoid the risks that come with an empty home.
A sound tenant retention plan includes creating a positive rental experience, communicating well with tenants, and responding immediately to maintenance requests.
Make Cost-Effective Renovations and Improvements
A well-maintained property will always earn you more than a property that is older and falling into disrepair. You want to keep up with maintenance issues, especially preventative maintenance when you’re trying to protect the condition and value of your investment.
When you’re looking for creative ways to increase your ROI, consider making some cost-effective upgrades and improvements to the property. This will increase the rental value of your Temple City property, help you attract great tenants faster, and ensure your property is competitive on the market.
There’s no need to spend a lot of money on a full renovation. Look for opportunities that won’t cost much but will deliver higher ROI. We recommend new lighting, new paint, updated appliances that match, in-unit laundry machines, and hard surface flooring instead of carpet. Even better landscaping can make a big impact.
Work with Temple City Property Managers
If you haven’t considered investing in professional Temple City property management, think about how it can save you time and money on the leasing, management, and maintenance processes.
Property managers often get better financial results for real estate investors and rental property owners because of the systems we already have in place, the expertise we have in the local rental market and industry best practices, and the relationships we have with vendors, contractors, and other professionals who can help you earn more on your investment. Leverage our technology and our tenant relationships. Not only will your returns be higher, but you’ll also have more time and fewer frustrations.
These are just a few of the recommendations we can make when you’re looking for ways to increase the return you earn on your Temple City investment property. We can talk about some additional ways to drive up your ROI, based on your own specific goals and portfolio of properties. Please contact us at ZenPro Property Management.
