Many landlords are making resolutions regarding their rental properties and rental real estate investing. If you are one of these rental property owners and you are seeking strategies to grow your business, then look no further than our latest property management article. Here are five New Year’s resolutions that will help landlords increase cash flow, minimize vacancies and make this year their most profitable year to date.
Focus on Finding Quality Tenants
Quality tenants are an invaluable asset to landlords. They take care of your investment, pay rent on time, report maintenance issues promptly, and reduce vacancies and evictions. That is why finding quality tenants must be the focus of your rental property investment strategy. Red Door Company understands this and helps our landlords find quality tenants by utilizing local market expertise, implementing proven marketing strategies and using a thorough tenant screening process.
Create a Regularly-Scheduled Maintenance Plan
Successful landlords understand the importance of heading off major maintenance and property repair issues before they make a significant impact on their bottom line. In 2016, make a resolution to implement an annual, regularly-scheduled maintenance plan for your rental homes and put a 24/7 system in place to promptly address repair issues.
Being proactive, instead of reactive, when it comes to maintenance and repairs will increase the chances your rental properties will be profitable this year. If you have questions or need help creating an annual, regularly-scheduled maintenance plan, seek the help of a property management company like Red Door Company.
Utilize a Tenant Retention Strategy
As part of your 2016 New Year’s resolution, you must create and use a tenant retention strategy to keep those high-quality tenants renewing their leases. Landlords who follow through with this resolution will reap the benefits good tenants offer while also reducing vacancy rates and tenant procurement costs. One way Red Door Company helps landlords retain quality tenants is with property management technology tools that include both online rent payment and 24/7 maintenance requests, which are conveniences today’s tenants expect from their landlords.
Plan for Property Upgrades
Why should you spend money on property upgrades? Updating your rental property helps attract higher-quality tenants and allows for an increase in your rental home’s monthly rental rate. Here’s a tip from Red Door Company: don’t just spend money haphazardly on rental property upgrades. Instead, work with a property manager who has an understanding of what upgrades tenants look for and which ones will create a better ROI.
Review Your Vendor Relationships
Your vendors, including the HVAC technicians, plumbers, and contractors on your team will go a long way in determining whether or not you have a profitable 2016. As you start this new year, take the time to review your vendor relationships and do a little housekeeping. Make it a point to weed out unprofessional vendors who arrive late, miss appointments and make inadequate repairs. Instead, focus more energy on nurturing relationships with quality vendors.
As your North Carolina property management experts, Red Door Company would be happy to help you make this year a successful year for your rental real estate investments. To learn how we can help and why our landlord clients say working with Red Door Company is The Right Way to Rent®, make sure to visit the Landlord section on our website. Also, please do not hesitate to contact us with any of your questions regarding our professional property management services in Raleigh, Durham and Chapel Hill.