According to Census Reporter, 35% of Fairfield's homes are renter-occupied. So it's a great place to invest in rental property.
Becoming a successful real estate investor, however, is all about strong management. You need to find a quality property, find great tenants, and keep close tabs on the property to ensure it remains a valuable asset. If it sounds like a lot of work, that's because it is.
In today's post, we'll help make your life easier by giving you some Fairfield real estate tips and investment property strategies. Keep reading and you'll know exactly what to do to maximize your investment in 2024 and beyond.
Market Your Vacancies
When you find your perfect first property, the first step is to ensure it is fit to rent to a tenant. Fix up any issues and invest in some of the areas tenants care about the most, such as new appliances, HVAC upkeep, and the unit's appearance.
Once the property is ready, you can start searching for a tenant. In Fairfield's thriving real estate market, you'll be competing against a lot of competition to find the best renters. Take the marketing aspect of your tenant search seriously and your property will stand out.
Create a detailed rental listing that highlights the best features of your property and the local area. Complete the listing with plenty of detailed real estate photos that showcase the property in the best light.
Place your property on the listing sites of your choosing. If need be, you can cast an even wider net by investing in things like SEO, paid ads, and other digital marketing practices.
Screen Tenants
If you nail your marketing, you should have numerous applicants for your vacant unit. You can't just pick a name out of a hat because the only thing worse than a vacant unit is a delinquent tenant.
Tenant screening involves looking into an applicant's personal and financial background. This should tell you whether they've got the right type of character to live in your unit and whether or not they can afford monthly rent.
Maintain the Property
Getting a great tenant in your unit will make your life so much less stressful as a landlord. They'll look after the unit, keeping your ROI steady and protecting the unit from unnecessary wear and tear.
For your part, you must maintain the property and keep landlord-tenant relations positive. A lot of this will come down to performing preventative maintenance and streamlining communication with your tenant.
Deploying a tenant portal will give both parties a single place to deal with rent payments, respond to maintenance requests, and keep important documents. When you have happy tenants, they'll stay put in your unit and you'll have less turnover.
Property Management for the Real Estate Investor
The more you put into being a real estate investor, the more you'll get back. Not every landlord has the time to properly tackle everything mentioned here. If that describes you, it's time to think about rental property management.
At PMI Northbay, we're Fairfield's top option for rental property management. We can help you with everything mentioned here, as well as eviction protection and accounting. Contact us today to learn more about what we do and how we can help you thrive.
