May – Improve your ROI strategy ￼
After you have created the perfect strategy to find properties, now you will need to find ways to get the best out of them.
If you are not sure how, don’t worry! See below our tips for getting the most out of your properties by maximizing the Return of Investment on them:
Boost the value
One of the best ways to make sure you increase the value of your property, is to make improvements to it. Making home renovations or adding technological features can make the occupancy rate higher and more attractive to high-paying tenants which will help you get more money, faster.
You can check out our newsletter on home improvements that give the best ROI here.
If you have more than one rental property, you can automate the process of renovating them. Use the same paint color, the same fixtures, the same flooring and even the same design if possible. This will help you not only perfect the way you do the home improvements, but will also help you know the price of the renovations beforehand and can even help you save money if there is an option to buy the products needed in bulk.
Trust the experts
Get a dream team that can advise you. Getting a good agent and a good property manager can save you a lot of headaches and a lot of money. These experts in your area have done the work and understand the dynamics of the market, so you can be sure that they will know the best way to make the best out of your investment and will make it easier on you when it comes to things like picking out the right tenant for your property or what the best way to move forward is.
When it comes to choosing the right one for you, make sure you look at someone who you are comfortable with and with whom you have the right chemistry.
Crunch the numbers
Always be aware of the market trends, inflation and the overall real estate market before making any decisions, this will save you from wasting money unnecessarily and making any mistakes that could impact your investment negatively. Be aware of how much rental rates are in the area of your property to improve the tenant retention rate.
You need to keep in mind that the real estate market always has its ups and downs, so don’t get frustrated and remember it may take a little to get the ROI you were hoping for, but slow and steady wins the race!