Real estate investment is always a bit of a gamble. Sometimes you make out like a bandit. Other times, not so much. While there’s no way to eliminate risk completely, there are certain things you can look for that may indicate whether or not a property would be likely to produce sustainable returns. To improve your odds of a profitable transaction, here are a few key requirements to add to your list.
You cannot be successful in property management if you don’t have enough occupied properties to manage. But keeping vacancies as low as possible can be quite challenging, particularly in heavily populated areas where there are plenty of options for renters to choose from. A solid marketing strategy can help position your properties in the best possible light and increase your rental and retention rates. Here are a few tips from our experts to get you started.
Good financial practices are a critical component of success in any business, including property management. Accurate numbers enable timely and data-driven decision-making. The more soundly you run your business, the more your clients will grow to trust you, which means greater longevity and a better bottom line. Let’s take a look at five best practices to not only keep your books in the black, but also maximize profits as much as possible.
Let’s keep it real. If you’re in the real estate business, you’re in the people business. To that end, networking is one of the pillars of success. As the old adage indicates, “It’s not what you know, but who you know.” This certainly rings true in the property management industry. You can have all the skills, knowledge and experience in the world, but if you don’t have connections with the right individuals, you’ll never really reach your fullest potential. If your networking ability leaves much to be desired, here are a few expert tips.