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!
Don't know how to improve your ROI? We can help!
April – Rethink your strategy for finding new properties
Now that you have created the perfect routine, what is the next step? One of the keys to being successful in any industry is to keep innovating, and Real Estate isn’t the exception. To grow and prosper, it is important to find new ways to do business and to hunt for the best opportunities.
In today’s housing market, having a great offer is crucial. Here are our tips for finding the best properties to invest in:
Do a thorough inspection
Make sure the property is in the condition you need it to be, whether it is a fixer-upper or a turnkey property in prime condition. Take your time and do as many visits as you need to really be able to inspect every nook and cranny of the property. Some things to look out for are the HVAC system, the plumbing and the roof.
Don’t forget to also do some research on the area, do some rounds around the block to see local restaurants, attractions, schools, and ask questions about crime statistics, flooding risk and any other pertinent information.
Don’t rush into buying a property just because you think you’ve spent too much time looking. Patience is really important when it comes to finding a property. See as many properties as you need to, but make sure it is the perfect option for you.
Do the math
Be really thorough when it comes to how much you can invest. Don’t get in over your head with a property you can’t afford or a property that will drown you with the repair or upgrade costs. Be decisive when you choose the property, but don’t jump into it before you are 100% confident about the property.
You may need to adjust your expectations as you go along through the process, but don’t lose hope! You will find the best property that fits perfectly with your needs and finances.
Have a clear purpose
Do you want to buy the property to lease? Do you want a vacation property? How long do you want to spend fixing it up? Have a clear idea about what you want and don’t stray from it. Stay within the range of what you can afford, how big of a project you want to take on and what you want to do with the property.
If you are thinking of investing long distance, you can see our suggestions on it here.
Not sure of how to start building an investment strategy? No problem! Reach out to us and we can help you get started.
Have a property you need help with? Contact us today!