The total vacancy rate in the US is now over 10%. If you own a rental property in Fairfield, CA, you need a plan to find and retain tenants. Otherwise, you won't generate revenue.
Here are a few real estate asset management best practices that can help you make more money. With these tips, you can improve your occupancy rate and ROI. Ensure your success today!
Market Vacant Properties Online
Instead of waiting for potential renters to come to you, appear in front of them. Use digital marketing to generate more awareness. Optimize your listings to make them more appealing to renters.
Use a mix of marketing strategies, including:
- Search engine optimization (SEO)
- Content marketing/video marketing
- Influencer marketing/tenant reviews
- Paid advertising
- Social media marketing
- Email marketing
Add high-quality images and engaging videos of the property to your marketing materials. Share these same assets on your listings.
Optimize your listing using SEO to appear for more searches. Use "Fairfield, CA" and a targeted keyword to reach local renters.
Complete Rental Property Maintenance
Conduct annual property inspections to confirm your properties are in good shape. This will allow you to identify maintenance issues before they worsen.
Develop a preventative maintenance schedule. This proactive approach will minimize future costs. Otherwise, you may need to pay for more extensive repairs.
Use an online portal to allow tenants to submit requests. Using a portal will help you track projects. If there are delays, tenants may grow frustrated.
Create an emergency fund before you need it. You can use it to cover inspections and repairs.
Offer Rental Property Upgrades
Your Fairfield rental property won't attract renters if it's crumbling and outdated. Add strategic rental property upgrades to stand out in the market. These include:
- New floors
- Marble kitchen countertops
- New kitchen appliances
- Energy-efficient windows
- Smart home technology
Talk to your current renters. Ask what upgrades they want to see. They may mention more parking options.
Applying these upgrades will improve their living experiences. Showing tenants you care could lead to future lease renewals.
Develop a Tenant Retention Strategy
Increasing your tenant retention rate can help you save money on marketing and tenant screening. Give tenants a 90-day notice when their lease is about to end. Remain willing to negotiate.
Instead of increasing the rent, look for ways to compromise. For example, you can upgrade the rental instead of increasing the rate.
Utilize Technology
Use technology to streamline daily tasks. You can automate lease renewals, maintenance requests, and rent collection. Automation will reduce human error.
Hire a Property Manager
Develop a stronger real estate asset management strategy. Hire a property management company and rely on their expertise.
A full-service company can help with:
- Rent collection
- Inspections
- Maintenance
- Tenant screening
- Marketing
- Evictions
Relying on these services can save you time and improve your occupancy rate.
Enhance Your Real Estate Asset Management
Establishing effective real estate asset management practices can take time. That's time you could use to attract new tenants. Save yourself the hassle by hiring a property management company.
Our team at PMI Northbay has 20 years of local industry experience. We use technology and proven strategies to support our clients.
Rely on our expertise and commit to your real estate endeavors. Contact us to maximize your profitability!
