Often, renting out a property can feel like a full-time job. You likely did not invest in order to be working so hard on marketing a vacant property, showing potential tenants the home, screening, making repairs, and ensuring that all of the local, state, and federal housing laws are being met.
You invested to earn money.
Whether you’re new to this or an experienced investor growing a successful portfolio, investing in real estate can be both a challenging and rewarding experience. To achieve success, it’s essential to make sure that your investments run like clockwork. A rental property or a portfolio of rental properties that are efficiently leased, managed, and maintained will cost you less money and command less time.
Here’s how to make your rental property investments run well.
Have a Solid Plan for Investing and Managing
We are consistently surprised at how many people will buy an investment property without having an investment plan.
You don’t want to buy something just because it’s available.
To make smart decisions, you need to understand your investment goals. Those goals may change over time, but establishing them before you start acquiring properties will help you decide what to buy, where to buy, how to finance the purchase, and when to make renovations and updates.
Before making any real estate investments, it’s essential to have a solid plan in place. This plan should include:
- The details of your investment strategy.
- The type of property you want to invest in.
- The location, including the specific neighborhood, that best meets your needs.
When you’re armed with a well-thought-out plan, you can be sure that you’re making informed decisions when investing in property. You’ll also know when you’re getting closer to achieving those goals you’ve established for yourself.
Learn to Listen and Prioritize Communication
Relationships matter when you’re investing in real estate. You’ll be working closely with real estate agents, brokers, property managers, lenders, vendors, city and local officials, and of course: tenants. Communication is key to any good relationship, and to establish sound communication practices, you need to know how to listen.
Ensuring that your investments run smoothly means listening to advice, considering other points of view, and operating transparently and with accountability. You should regularly communicate with your tenants to address their concerns and ensure that their needs are met. This will help you build trust and establish a good relationship with your residents, which can lead to retention, higher rents, and long-term positive results.
Here’s another example of how listening can help. If a vendor or a property manager tells you that it’s time to make some improvements because your appliances aren’t working efficiently or your HVAC is in danger of quitting, take their advice. These are experts in their field, and one of the benefits of surrounding yourself with experts is to lean on their knowledge and leadership.
Pay Attention to Preventative Maintenance and Avoid Deferred Repairs
Your rental property won’t run like clockwork when there’s deferred maintenance and a history of unreported repair needs. This will only lead to higher repair costs and the potential for emergency maintenance needs.
Regular maintenance is essential to ensuring that your property remains in good condition. By performing routine inspections and maintenance tasks, you’ll be able to identify and address problems before they become more significant issues. This will help you avoid costly repairs and keep your tenants happy.
Put together a schedule of preventative maintenance for your most expensive systems and features. Have your HVAC inspected and serviced annually. Send a roofer up to inspect once a year. Contract with landscapers and pest control specialists to take care of these issues.
Work with tenants and make sure they understand the importance of making maintenance requests as soon as they notice something is wrong. This will prevent costly and disruptive emergencies while protecting the condition of your asset.
Invest in Great Technology
Your rental property will run in a way that’s automated and consistent when you’re willing to invest in the right technology.
Technology can make managing your real estate investments much more comfortable and efficient. Consider using software programs that help you collect online rent payments, manage electronic maintenance requests, and streamline tenant communication.
By using innovative software systems, apps, and programs, you’ll be able to streamline your operations and make your property investments run like clockwork. Don’t be afraid to try artificial intelligence (AI) or the Internet of Things (IoT). Use technology to track your income and expenses
Hire a South County Property Management Team
Here’s your secret weapon when it comes to ensuring your investment property runs like clockwork: partner with a property manager. Your property management partner is responsible for overseeing the day-to-day operations of your rental property. We take care of the leasing, management, and maintenance of your investment – including the marketing, screening, and tenant relationships.
It is vital to hire the right property manager who has experience and a proven track record of managing properties effectively. A good manager will be able to handle all issues that may arise, provide regular updates, and keep the property fully occupied. You want to know that your investment is productive and profitable. Property managers can facilitate that, and we have the resources, relationships, and experience necessary to ensure a pleasant rental experience for everyone involved.
Investing in real estate makes sense for a lot of reasons. Whether you’re thinking about buying your first property or looking for ways to streamline the way you manage your entire portfolio, consider reaching out to a property manager for some guidance and direction. Remember that maintaining open communication with your tenants, performing regular maintenance, and utilizing technology will allow you to make sure your investments run like clockwork.
We hope these simple yet effective steps will help ensure that your property investments consistently deliver for you in terms of income, tenant satisfaction, and peace of mind. For more advice, please contact us at South County Property Management. We serve Santa Clara County and South County, including Campbell, Saratoga, Cupertino, Sunnyvale, Los Gatos, Milpitas, Morgan Hill, Gilroy, and neighboring areas.
