Real Estate Asset Management Best Practices That Put Money In Your Pocket

Real Estate Asset Management Best Practices That Put Money In Your Pocket

How many of your Jacksonville, FL rental properties are sitting empty? If it's more than a few, you're not alone. According to market analytics company IBISWorld, the rental vacancy rate in the US is nearly 7%.

Without proper real estate asset management, you could lose the chance to maximize your investment property income. Instead, apply these strategies to ensure your success. Gain a competitive advantage and enhance your property portfolio today!

Gather Real Estate Market Insights

Before applying these asset management strategies, research the Jacksonville, FL real estate market. Consider trending neighborhoods, current property upgrades, and rental rates.

Work with a property management company to complete a rental analysis. A detailed analysis can help you make informed decisions. For example, you can set competitive rental rates to attract potential tenants.

Use your research to upgrade your real estate investment properties. Cost-effective upgrades include:

  • New floors
  • Fresh paint
  • Newly or improved kitchen cabinets
  • Backsplash
  • Renovated bathrooms
  • New light fixtures
  • Improved curb appeal
  • Smart home technology

These upgrades will make your properties more attractive in today's rental market. As you attract potential renters, your tenant pool will broaden. You'll have a choice of renters during the tenant screening process.

Screen Applications

Don't rush to select renters. Instead, develop a thorough tenant screening process. Consider:

  • Income verification
  • Employment verification
  • Criminal backgrounds
  • Credit scores
  • Eviction histories
  • Rental histories

A detailed tenant screening process will help you choose reliable tenants. You can avoid individuals who may pay late or damage your rental property.

Outsource this task to a property management company. Leverage their state-of-the-art technology and detailed processes to save time and money. With their help, you can choose renters worth retaining.

Your property manager can help you develop a tenant retention process. Retaining tenants over multiple leasing terms can boost your occupancy rate and ROI.

Maintain Your Real Estate Investment

Schedule regular property inspections and preventive maintenance to keep your property portfolio in the best possible shape. Maintaining the property can help you save money. It will ensure the property remains appealing to current and future renters.

Your property manager can provide you with access to an online tenant portal. You can accept maintenance requests online to remain organized and efficient.

Outsource for Asset Management Strategies

Instead of applying these property portfolio tips alone, outsource to maximize your investment property income. Working with a property management company will ensure you apply effective strategies. You can leverage a professional team's expertise to stay competitive.

With their help, you can find ways to save money and operate more efficiently. Your occupancy rate and ROI will rise. 

Trust Real Estate Asset Management Experts

Developing an effective real estate asset management plan can take time. Instead of applying these tips alone, partner with a full-service property management company. Leverage their real estate market insights to gain a competitive edge.

Our team at PMI Jacksonville will provide access to how your properties are performing in real-time. Trust our commitment to adding value to your properties with honesty, integrity, and accuracy. Contact us for a free rental analysis.

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