One of your goals as a real estate investor is to earn the maximum ROI on your property. Today, we are talking about a couple of tips and tricks for getting the best return on your rental property.
Property Management Mesa: Ongoing Costs
When it comes to real estate, there are many ongoing expenses that don’t fluctuate. You can more or less count on what you’ll be paying for items such as insurance, property management fees, and utilities. These are ongoing costs that don’t change too much. Obviously, if there’s a sudden spike, you need to give it attention right away. The two items that will cost a landlord the most are turnover and maintenance, particularly maintenance that happens during a turnover. If a lot of work is needed to make a home ready for the rental market, you’ll need to spend some money.
Fast Turnover Process
Whether you are self-managing your investment property or working with a professional property manager, you need to have a system in place that ensures your vacancy time is not extended. You need to be on top of getting that property rented out quickly. At Rosenbaum, when we get a notice to vacate, we immediately post a For Rent sign and start advertising online. To increase ROI, you need to plan for the fastest turnover possible. As soon as your existing resident moves out, you want to be prepared for a new tenant to move right in. This can be achieved when you plan it well and have the work done on the property right away.
Saving Money on Maintenance
In addition to having your systems in place for fast turnover, you need to have a list of reliable contractors and vendors who will not only work quickly, but provide competitive rates. When you work with a management company, they should pass the savings they get on maintenance work onto you.
These are a couple of tips that can help you earn more on your real estate investment. If you have any questions about turnover, maintenance costs, or anything pertaining to Mesa property management, please contact us at Rosenbaum Realty Group.