At White Glove, we often talk about ourselves as being real estate asset management professionals rather than property managers. That’s because we focus on your return on investment (ROI). We want to help you earn more on your asset, and there are a few things we do to help you meet and exceed your goals. Today, we’re talking about the top three ways to maximize your real estate ROI.
Increase Your Income
If you want to increase your ROI, you need to maximize the amount of money you make. That starts with rent. Make sure you’re pricing your property correctly. You might automatically think this means asking for as much as you can, and raising the rent every year. That will help in some cases, but often you can earn more by pricing your home competitively and keeping your rental increases modest. When you do that, you can be certain that you’ll attract and retain great tenants. You’ll avoid vacancies and turnovers.
You can also increase your rental income and your ROI by making minor and inexpensive repairs and upgrades to your home. A fresh coat of paint, new hardware on the drawers and cabinets, and updated appliances will help you ask for more rent and stay competitive in the marketplace.
Decrease Your Expenses
Earn more ROI by keeping costs down. Minimize your risk. Investment in real estate often comes with liability, but you can avoid expensive lawsuits and costly mistakes by educating yourself on the laws and the requirements of landlords in California.
Working with the right vendors and contractors will help you keep your maintenance costs down. Focus on preventative maintenance so you aren’t shocked by expensive repairs and emergency fixes.
Work with the Best
The best way to increase your ROI is by working with a talented team of real estate professionals. When you have experts looking out for your property, you can trust that you’ll get the best tenants placed and paying the highest possible rents. You’ll know that the condition and value of your asset are protected, and you’ll have peace of mind that your property is earning as much as it can for you.
Trying to manage your own property will cost you money, not increase your ROI. Choosing the wrong management company will also be expensive, especially if they aren’t thinking about your ROI. Contact us at White Glove Property Management if you’d like help with your investment or anything pertaining to Fullerton property management.