With the United States real estate market showing no signs of slowing down, now is the best time to add to your portfolio. If you're new to real estate investing or you have a lot on your plate, the prospect may seem overwhelming.
The good news is, it doesn't have to be. Here are some key real estate asset management tips to help you get started.
Perform Preventative Maintenance
It may seem like a burden, but preventative maintenance can save you thousands of dollars. Make sure you keep up with regular tasks such as cleaning the gutters, making HVAC appointments, and repairing general wear and tear.
If you work with a property management company, they can take care of this work for you. You won't have to go around to your rental properties and do maintenance tasks every season.
Regularly Inspect Your Properties
When it comes to protecting your assets, the best defense is a good offense. Inspect your properties regularly to catch any problems before they become a huge issue.
For example, a small hole in the roof may not be causing a leak. However, if it gets bigger during a storm, it could cause significantly more damage.
Boost Your Property Value
Making upgrades to your property is a great way to ensure a return on investment and maximize your rental income. Prospective tenants want things like newer amenities and homeowners association membership.
Have your property management company do a rental analysis following each upgrade. This way, you can ensure you're charging the most you can for your property.
Cut Your Expenses
You want your rental property to be an income-generating asset. You cannot generate income if you are constantly in the red when it comes to expenses and maintenance.
Take a look at your owner statements to see where you may be able to cut costs. Some things are simple, but they can add up over time.
For example, eliminate the hassle of paperwork by investing in an online portal for your tenants. You will have a place to communicate with your tenants, receive payments, and store important paperwork like lease agreements.
Add to Your Portfolio
The biggest way to protect your existing assets is by adding on to your portfolio. You can diversify the types of properties you own, or even invest in things like real estate investment trusts, or REITs.
If you're not sure about your financial position, work with your accountant or property manager to see if you can afford another property and still have enough liquid assets.
Real Estate Asset Management Made Easy
You don't have to be an expert on finances to excel in real estate asset management. With the right tools, you can ensure your assets generate the most income.
PMI Midwest has the expertise you need to build your real estate empire in the Indianapolis area. Let your experts guide you through all of your property management questions.
Ready to get started? Reach out to us today to talk or receive a free rental analysis.
