Your commitment to your real estate portfolio could be dragging you down as busywork starts to pile up. For many investors, handling a large selection of locations can start to be a real burden if it is new to them. Would you know how to make real estate asset management easier if you wanted to?
These five best practices should turn your letting situation into something a lot easier to handle.
1. Optimizing Rental Rates
Make sure before you set a rental price that you research the current market trends in NYC. You want to compare your property with others of a similar nature and learn how much rental income your investment could net you.
You should also stay on top of any economic factors that might influence rent, such as the current job market and government intervention. This will help you avoid nasty surprises that could lead to a lack of occupancy.
2. Regular Property Value Assessments
Get a professional property assessor to come in and look at the property at least once a year, if not more. This will give you information and ideas such as:
- Areas of improvement
- Market value comparisons
- Cost-effective renovations
- Locations needing preventative maintenance
No matter what you find, make sure to keep a meticulous record. As a rental property investor, you should try to leverage all this information. Use it to get the highest bang-for-buck improvements for the property you can.
3. Collaborating With a Real Estate Asset Management Company
A dedicated organization may be able to offer you their expertise in navigating the local real estate market. They can often perform tasks such as:
- Screening tenants
- Hiring contractors
- Contacting legal advisors
- Balancing books
Make sure you discuss your options with one to know what they can do for you to give you the peace of mind you might want.
4. Efficient Document Management
The most important piece of landlord advice we tend to give out is to always ensure your documents are pristine. You should put a foolproof system of organization in place that keeps all data either digitized or filed for ease of access.
Utilizing this information, you can handle your taxes and investments much easier. Not only that, but you may save yourself from difficult litigation if things go wrong somewhere down the line.
5. Leveraging Digital Tools for Efficiency
There is plenty of software now available to help with commercial or residential real estate. You can do many more things online than you could only a few years ago, including:
- Improving your SEO and social media reach
- Tracking performance metrics throughout your properties
- Recording and processing communication with tenants
- Implementing smart home technology for added security
Each of these can help you make more informed decisions about your properties.
Handling Your Real Estate Portfolio With Ease
Remember that you are not alone as you try to stay ahead of your portfolio's needs. PMI New York City is a real estate asset management with your success in its best interest.
We can work with you to take over some of the details when it comes to accounting, contracts, maintenance, and more. Schedule an appointment to find out where our skills lie and how we can take a huge weight off your shoulders today.
