OPERATIONS: ROI
SPONSORED CONTENT
How to Protect Your Investment Property and Maximize Your Return IF YOU’VE LEAPED INTO SINGLE-FAMILY RENTAL PROPERTY OWNERSHIP, CHANCES ARE YOU HAVE ONE MAIN GOAL: TO MAKE A PROFIT. INVESTING IN RENTAL REAL ESTATE CAN BE VERY LUCRATIVE. TO MAKE IT PAY AND GET THE BEST POSSIBLE RETURN, HOWEVER, YOU STILL HAVE TO USE SMART STRATEGIES.
REAL PROPERTY MANAGEMENT
T he good news is there are steps you can take now to maximize your property’s return on investment. Here are a few of the top current tips for maximizing ROI from rental management pros! PROACTIVE MAINTENANCE To get the best possible return on your single-family rental property, it’s important to start by getting—and keeping—your property in move-in condition. This is true whether you currently have a tenant or not. The quickest way to lose money on a rental investment is to let the condition of your property deteriorate
or assume your tenant will handle all the necessary maintenance and repairs. Instead, it’s important to set up and carry out a proactive property maintenance schedule. Proactive property maintenance is all about catching and taking care of small problems before they develop into larger, much more expensive ones. Implementing proactive maintenance begins with regular, detailed property inspections and includes both preventive maintenance and making small repairs and improvements as necessary. Even though you are doing more maintenance more often than a more traditional wait-until-it-breaks
approach, proactive maintenance tends to cost less over time than expensive emergency repairs. In the end, it ensures your cash flows stay in the black.
UPGRADE MARKETING AND SCREENING PROCESS
Another important way to keep your rental income high and expenses low is to market your rental property and screen potential tenants effectively. In a very literal sense, your ability to profit from your investment depends on finding a quality tenant who will not only keep the property in good condition but also pay their rent every month, on time and in full. If you are
62 | think realty magazine :: july - august 2024
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