Forty-eight percent of landlords say that dealing with property damage is their biggest tenant issue.
Asset management is a critical part of being a landlord in the El Paso, Texas, area. It includes everything from ensuring your properties are well-maintained to making sure you're up-to-date on property taxes.
Managing your rental property is important because it helps you maximize the return on your investment portfolio. It can also help you avoid costly repairs and other issues that may arise.
If you are wondering how to manage your commercial properties for long-term success, this short and simple guide is for you.
Know Your Tenants
It can be tempting to lease an El Paso, Texas, area property without doing due diligence, but you should never do this. Not only is it risky, but it can also lead to some serious problems.
You don't want to find out the hard way that your new tenant has a bad credit score or an eviction on their record. Instead, do your research before you commit to leasing the property.
Know who the tenant is and what they do for a living. You should also know any other important information that can help you make an informed decision.
Be Creative With Marketing
Don't settle for traditional methods, such as newspaper ads and flyers. Instead, build wealth by being creative and finding new ways to reach your El Paso, Texas, area audience.
Use online tools like Facebook and Twitter to get the word out about your rental property. Create a blog that talks about local events, such as a neighborhood association meeting or a charity event.
If you have any connections with local businesses, they may help promote your property for some advertising space on your website. Be sure to include pictures and floor plans when you're marketing your rental property. This will help prospective tenants get a feel for what they can expect from living in your home.
Find a Property Manager
A property manager will handle everything from collecting rent to marketing your properties. They also provide a service that is often overlooked by landlords; they act as an advocate for their clients.
They can help resolve disputes among tenants and act as a go-between when there is a problem.
They will find new tenants in the El Paso, Texas, area and ensure that the property is maintained at a high standard. With so many responsibilities, it's wise to hire a professional property manager rather than trying to do everything yourself.
Asset Management: Increase Your Long-Term Value
Asset management is keeping your property in good condition so that it will maintain its value. This can be as simple as making sure that repairs are made when needed.
It also means making sure that your property is up-to-date and looking great all the time. By taking care of your property, you can increase its value and make it more appealing to potential tenants.
PMI El Paso will manage your property so you can enjoy your investment without worrying about the details. Contact us today to get started!