The purpose of owning an investment property is to earn rental income while the property appreciates in value. Successful investors find that the best way to increase a property’s value is by having a professional property management company protecting and promoting the property. To guarantee the highest returns on your investment, consider working with a property management company to select the best pricing, choose the right tenants, and conduct effective maintenance for your investment. 

Pricing Your Property

Your property’s rental price has a massive impact on tenant occupancy and your take-away revenue. You want to price your property to earn as much rental income as possible, but the rental price must also be competitive. If you price your property too high, your unit will remain vacant, and vacancy is expensive. Complete a comprehensive market analysis of comparable properties. Familiarize yourself with local rental properties and how much they charge. If you price your property fairly, you will attract excellent tenants without missing out on months of rental income. Professional property managers are already experts in the local market who can help you make the best decision when it comes to pricing, so seek their help to maximize income while avoiding vacancy.  

Choosing Your Tenants 

Thoroughly screen prospective tenants. Tenants only make you money if they take care of your property and are responsible about paying rent. Before leasing your rental, look for past evictions, landlord collections activity, and incidents of tenant damage in prospective tenants’ landlord references. Your ideal tenants will also want to live in your property for at least a few years. Tenant turnover can be expensive, and the lengthy process of finding a new tenant every year is best avoided. Excellent tenants will want to occupy and take good care of your property long-term, increasing your profit margins and improving your bottom line. Work with a property management company for the experience and practices to help you find the best tenants for your home.

Maintaining Your Home

Many landlords worry about how repairs and maintenance will affect their cash flow and are hesitant to spend the money on maintenance that can be delayed. You want your property to grow in value, but it will only earn you money if you are keeping up with the quality and functionality of the property. To ensure the systems and structure of your rental are inspected regularly, put together a preventative maintenance schedule. This will allow you to look for small problems that can be taken care of inexpensively before they become bigger problems. A property management company will be able to give you the best recommendations for inspection schedules and can take the trouble of maintenance and inspections off your hands. 

To earn a healthy return on your investment property, take the time to properly price your rental home, screen tenants thoroughly, and take maintenance issues seriously. For help maximizing the potential of your rental property, contact 208.properties today.