You've likely encountered the term 'turnkey' in various contexts, whether that's building construction, franchises, or perhaps even software. But have you considered a turnkey model for managing your properties?
Smart, streamlined strategies can help reduce costs and maximize your rental income. Here are some of our top turnkey property management tips for you to try today.
Review Your Pricing Strategy
Part of property management is about keeping a close eye on the market, which becomes essential when fine-tuning your pricing. Market research will tell you the rental rate on similar properties in your area. It's the best way to ensure you charge the maximum possible without running the risk of an empty property.
It can also help you navigate factors like seasonal changes. When researching prices, look at the 12-month trend for the best data.
Focus on Preventative Maintenance
There are two ways to approach maintenance in any rental: fix problems as they arise or run inspections to preempt problems.
The latter is more cost-effective because early identification prevents a breakdown that leaves you with unanticipated property expenses and inconveniences for your tenant. Thus, it's a valuable way to maximize your rental income and keep costs low. You'll have happier tenants and a well-maintained property.
Use the Latest Software
Streamlined, turnkey property management means having efficient processes in place, so it's time to invest in the latest technology. Tools like online portals can be a massive asset because they keep all your documentation, finances, and tenant communications in one place.
They're also a more convenient and cost-effective way to take rent payments and track late payments, helping to ensure your rental income is on track. Other technology, such as smart energy-efficient lighting and heating systems, can help you maximize your rental income and lower your costs.
Improve Your Tenant Screening
One way to streamline your property management is to create a better and more comprehensive process for your tenant screening. That's important for your long-term rental income because bad tenants can cost you money, whether because of property damage or missed payments.
Ensure you use the most current databases to check credit scores and criminal background information. You should also seek out references for your tenant from a previous landlord.
Keep Tenants Happy
Tenant retention goes hand in hand with real estate profit because a long-term, trustworthy tenant is the best way to see maximum income for your investment properties. Improve tenant retention by:
- Improving your communication
- Being flexible with requests from tenants
- Being proactive and response to maintenance issues
It's also worth remembering that keeping hold of tenants means having a better property than everything else on the market. So, keep up with the research.
Turnkey Property Management: Maximizing Your Rental Income
Turnkey property management is all about streamlining your efforts. It means looking after your property and tenants and investing in smart solutions like tenant portals. Try these rental property tips today.
Having a trusted property management team is also crucial. PMI Commonwealth offers a professional team of real estate experts who can take on every aspect of your property management. Our state-of-the-art technology and dedication to our clients make us the first choice for many Charlottesville landlords. Take a look now at our property management services.
