Have you recently acquired a rental property in Southern New Hampshire? Congratulations! You now have the potential to earn $97,000 a year on average.
Without the right real estate asset management strategies, however, you could struggle to compete. You'll miss the chance to maximize rental income.
Not sure where to start? Read on for our landlord best practices today.
Research the NH Property Market
Before applying these property management strategies, research the NH property market. Recognizing trends can help you discover new ways to gain a competitive advantage.
Compare your investment property to similar units in the area. Note ways you can enhance your property or reasons yours already stands out.
Consider upgrading the property to remain competitive. Cost-effective improvements include:
- Enhanced curb appeal
- Smart home technology
- New floors
- New kitchen appliances
- Energy-efficient windows
These upgrades will make the property more appealing than others available for rent. After adding these upgrades, complete a rental analysis. This will ensure you set a competitive rental rate.
For help, partner with an experienced property management company. They'll help you set an attractive but competitive rate. Otherwise, you'll miss a chance to maximize rental income.
Review Landlord-Tenant Laws
Failing to comply with local, federal, and state laws can lead to legal consequences. Keep track of the latest regulations to remain compliant.
Rely on your property manager's legal expertise. They can help you avoid lawsuits and fines.
They can also handle evictions. Their services can minimize the impact on your bottom line.
Screen Renters
Before selecting tenants, develop a thorough tenant screening process. Reports should include:
- Criminal background checks
- Credit reports
- Employment verification
- Eviction histories
- References
- Rental histories
This information will help you choose great renters worth retaining. Inaccurate reports, however, can lead you to select renters who are already behind on rent.
Avoid problematic individuals by outsourcing this process. A property management company will save you valuable time while gathering accurate information.
Try to retain these renters beyond one leasing cycle. You can encourage lease renewals by offering incentives. These include discounts, property upgrades, and gift cards.
Hire a Property Management Company
Instead of researching the top property management strategies, outsource. Partnering with a full-service property management company will save you time. Their efficient landlord best practices can improve your profitability.
Choose a company that utilizes property management software. This software can streamline:
- Rent collection
- Document management
- Tenant management
- Maintenance requests
The best companies have developed effective strategies over time. Leveraging their experience can help you avoid costly mistakes. Instead, you can gain a competitive advantage in today's market.
Discover More Real Estate Asset Management Tips
Managing your own investment property alone isn't always profitable. Instead, rely on professional real estate asset management. Partner with a property management company and leverage their expertise.
Our team at PMI Granite State is ready to offer our 20 years of industry experience and award-winning strategies. We're part of a fast-growing franchise that's been perfecting the industry.
Rely on our state-of-the-art technology and services to maximize your profitability. Contact us now for a free rental analysis.
