The best tenants will respect and care for your rental unit as if it were theirs. They'll also pay rent on time, uphold their tenant obligations, and won't make trouble for their neighbors. They'll pose fewer investment property risks and boost your return on investment (ROI) through long-term tenancy.
That makes finding and retaining "dream tenants" crucial real estate asset management strategies.
So, how would you do that? Here's how.
Fair Tenant Screening
The South Carolina Fair Housing Law prohibits unfair and discriminatory rental practices. Landlords cannot refuse to rent out to tenants based on their:
- National origin
- Religion
- Sex
- Physical or mental health conditions
- Familial status
Please ensure you abide by those laws when screening tenants; otherwise, you could face complaints and penalties. If that happens, you could face delays in renting out your property, resulting in potential ROI and income loss.
Thorough Tenant Screening
Always do your due diligence and screen tenants carefully. Look into their employment, income, rental, eviction, and criminal backgrounds. Skipping any of these checks can increase your risk of renting out to the wrong people.
For example, they may have a history of failing to pay rent on time, a behavior they may continue while living in your property. They may also cause intentional damage to your property due to neglect.
Worse, they may use your property as a site for criminal or illegal activities. If that happens, you could also face legal liabilities as a landlord.
Tenant Incentives
Incentivizing your best tenants is a crucial real estate strategy that can help encourage them to stay.
Thoughtful incentives include small rental discounts, free Wi-Fi, and gift vouchers. You can award these to tenants who consistently pay rent a few days before the due date.
Those incentives can help trim living expenses, so your tenants will likely appreciate them. The more tenants appreciate you, the more likely they'll want to renew their lease.
Work With a Property Management Company
A property management company specializes in property portfolio management and property asset optimization. They can help you unlock your investments' maximum potential by:
- Thoroughly reviewing your portfolio
- Performing an in-depth market analysis of your assets to determine their rental values
- Conducting property inspections to pinpoint best qualities and areas of improvement
- Providing expert guidance on improving your properties and cashflow
- Marketing your properties and screening tenants
- Overseeing property maintenance and repairs to retain their value
- Collecting rent on time
That's just a short list of the things you can expect an experienced property manager to do for you. However, it should be enough to tell you that their services can help you better grow your investments.
Time to Hire Real Estate Asset Management Experts
Effective real estate asset management starts with finding and retaining the best tenants. After all, your income comes from them.
At Oak Trust Properties, we provide full-service real estate asset management. From marketing to tenant screening, rent collection, and maintenance, you can count on us for all these and more. We'll even give you a free property consultation to help you gauge how much you should earn from your properties.
So, call us today! We look forward to helping you maximize your real estate investments in Summerville, SC.
