How long has your Richmond investment property remained empty? You're not alone in struggling to find tenants. The rental vacancy rate in the US is nearly 6.5%.
With proper real estate asset management, you can generate more rental income while finding ways to save. Ready to improve your ROI? Read on to generate more revenue from your real estate investment today!
Research Local Laws
Review Virginia's landlord-tenant laws before seeking renters. Neglecting to follow regulations can lead to legal consequences. You could face a lawsuit or a serious fine.
Key landlord-tenant laws include:
- Landlord disclosures
- Small claims lawsuits
- Bounced check fees
- A landlord's right to enter a rental property
- Tenant protections against retaliation
- Virginia termination and eviction rules
- Tenant rights to withhold rent
- Security deposit limits and returns
Track federal landlord-tenant laws, including housing discrimination laws. If you're struggling to track new laws and regulations, consult an expert. An experienced property manager can help you remain compliant.
Update Your Rental Property
Make your rental property more desirable to Richmond renters. Invest in upgrades that make the property attractive and competitive. For example:
- Fresh coats of paint
- New floors
- New kitchen appliances
- Energy-efficient windows
- Smart home technology
Improve the property's curb appeal to wow potential renters online. They'll review exterior photos of the property first. Hire a landscaping company, add ambient lighting, and plant fresh flowers.
After making these upgrades, hire a photographer. Share photos and videos (including walk-through tours) online. Develop a multifaceted digital marketing strategy to expand your reach.
Effective strategies include content marketing, social media marketing, and paid advertising. Use email marketing to nurture leads.
Protect your beautiful investment property by investing in landlord insurance. You'll have peace of mind if there's a fire, flood, or other emergency.
Keep up with property maintenance. Schedule routine inspections to spot potential problems before they get worse.
Invest in Tenant Screening
Before accepting new tenants, establish a thorough tenant screening process. Do-it-yourself platforms don't provide comprehensive reports. You may miss red flags before selecting renters.
Comprehensive reports should include:
- Criminal background checks
- Credit scores
- Eviction histories
- References
- Employment verification
Outsource this process to a property management company. Their reports will include more accurate information. Rely on their expertise to choose reliable renters.
Use Property Management Software
Streamline repetitive processes (including administrative tasks) by investing in property management software. For example, you can give tenants access to an online portal. There, they can submit rent payments, inquiries, and maintenance requests.
Communicate with tenants to improve their satisfaction rates. You can encourage these renters to renew their leases. Generating renewals will improve your occupancy rate.
Hire a Property Manager
Instead of applying these strategies alone, hire a property manager. A full-service property management company will help you operate efficiently.
Leverage their experience, expertise, and resources. Use their techniques to reduce operating costs.
Rely on Real Estate Asset Management
These real estate asset management best practices can improve your return on investment. Use these tips to generate more rental income. Otherwise, outsource.
Trust our team at Renters Warehouse. We can make renting your property a worry-free experience.
Since 2015, we've prided ourselves as leaders in the local real estate market. We'll take care of all aspects of managing your rentals. Contact us to optimize your property's rental value!
