Thinking of investing in your first rental property? If you want to earn the most ROI on your rental homes, you need to have a solid plan for attracting renters and maintaining regular monthly rental payments. This plan can be just as complicated as it sounds and just as time-consuming as well. Thankfully, you can use the tips below to make finding reliable tenants easier and put more rental income into your pockets without any added pressure.
Reduce Your Stress and Attract Renters With Proper Management
Managing a single, or several, investment properties can be a bit too much for many buyers. It’s one of the potential negatives of owning a rental property. Self-management requires homeowners to stay involved with maintenance and repair issues on a regular basis and also come up with strategies to market rental properties to prospective tenants. These responsibilities can be a full-time job on their own, which can be tricky to juggle if you already have another full-time job. If you want to avoid the hassle and still enjoy the benefits of being an investment property owner, you could always use a property management company to reduce your responsibilities. The right agency can market your home, help screen tenants, collect rental payments and make property maintenance so much easier. Using the right property manager can help protect your ROI and also help protect you from additional stress.
Boost Rental Property Curb Appeal to Boost Attention from Tenants
When you’re selling a home, curb appeal is important. The curb appeal of a real estate property is what attracts interested buyers and renters in the first place. It’s your property’s chance to make a first impression on shoppers, and that first impression can matter for investment properties as well. You can make a good impression to sell or rent your property by adding some fresh paint, updating landscaping and keeping your available homes squeaky clean.
To show that newly added curb appeal off to potential tenants, you also need the right real estate photos. If you can make the additional investment, hiring a professional real estate photographer will be your best bet for capturing the best features of your rental properties. These pros know which angles make your properties appear more spacious and what lighting will appeal to the majority of people. Hiring a pro can definitely attract more interest to your homes, but you can also utilize some pro photography tips to take your own photos and market your listings effectively.
Increase Your Profits by Buying the Right Property in the Right Location
Knowing how to successfully manage and market your investment properties is vital to maximizing your returns. Before you can take those steps, though, you have to first work toward acquiring the most profitable rental properties. Start by looking for homes in neighborhoods that will have steady, reliable tenants. Many first-time investors think college neighborhoods are a smart choice for this reason, but students tend to vacate homes as semesters end. So instead of relying on the proximity of universities, think about looking at other community stats, such as job market growth, popularity of schools and plans for future development.
Once you settle on some potential neighborhoods, you can start looking for potential properties. Single-family homes tend to be the safest bet, since these properties are easier to manage, less expensive and one of the most popular home types with renters. If you’re new to being a landlord, start with one single-family home and then only add more properties when you begin to see profits and feel more comfortable as an investor.
You can’t turn a profit with investment properties if you don’t have tenants. So before you buy your first rental home, be sure to research rental statistics and neighborhood information in your area. Then, take the needed steps, such as hiring a property management company and sprucing up your investment properties, to ensure reliable renters will want to live in your home and provide you with a steady flow of rental income.
If you find yourself overwhelmed with the ins and outs of investment properties in Park City, give us a call and we can help.