6 Things Every Real Estate Investor Needs to Grow More Rental Income

6 Things Every Real Estate Investor Needs to Grow More Rental Income

When you’re weighing your investment options, buying a rental property may come to mind. Long-term residential rentals can be one of the most profitable investments in the real estate market, but those profits don’t come without some effort. When it comes to getting the rental ready so that it’s up-and-running when the pandemic dies down, you’ll need a few essentials, such as getting it deep cleaned with the help of iEcoCleaning and hiring a property manager, to see returns on your real estate investment.

First Steps to Owning Your Own Business

If you haven’t kicked off your rental property business yet, you may want to consider registering it as a Florida LLC first. The added protection and tax flexibility can be extremely helpful, while separating personal and business assets from one another. The next step is to make sure that you pick a property in a popular or up-and-coming market to ensure profitability. Lastly, making sure your property is priced correctly will go a long way to ensure that your place is always booked. Now that you’ve handled these steps, you can proceed with the below tasks to help you grow your rental income.

Trusted Home Professionals

One of the biggest stressors for landlords is taking care of maintenance and repairs on their investment properties. If you have a reliable property manager, you won’t have to worry as much about these tasks. Still, you may need to make changes or repairs to your property before you even list it. In this case, reach out to trusted professionals that will get the job done for you. Since deep cleaning the property is crucial to attracting renters, consider reaching out to a cleaning company like iEcoCleaning, which uses eco-friendly products to help keep the environment safe. You’ll also need to know how to find reliable contractors, which involves asking the right questions, but you may also need to know when hiring a handyman is a better financial move for home repair projects, since handyman services tend to be less expensive than contractor fees.

Professional Management

Owning a rental home can be lucrative for investors but managing that property can be burdensome. However, the stress of property management doesn’t have to turn you away from a profitable investment if you hire the right management team. In addition to maintaining your rental, a property management agency can help with tenant screenings and rent collecting. Having a management company can be especially beneficial if you live far away from your investment.

Professional Quality Photos

Before potential renters view your home, they’re likely to view photos of that home online. To distinguish your property from the competition, especially in areas with competitive housing markets, you need quality real estate photos. You could pay a pro to take photos of your property, but if you’re savvy with a camera, you can also save money with DIY real estate photos to help your rental listing appeal to more tenants. Using the right angles, lighting and edits will make your property look more spacious and inviting, which can draw more attention from potential tenants.

Complete Insurance Coverage

Any time you make a sizable investment, whether it’s purchasing your own home or a rental property, you need to protect it. If you already have homeowner’s insurance for your primary residence, you should know that you may be able to use the same company for investment property coverage, but you will need to purchase a separate plan. The major differences include stipulations around liability coverage and personal property protection, but it’s always a good idea to properly insure your real estate investments.

Reliable Financial Resources

With the right advice and planning, you can definitely make your investment property profitable. However, it can take some time to start seeing those profits make a difference in your income and savings. Which is why potential investment property owners need to take the necessary financial steps before purchasing a home. You need to know how much to save for your down payment, renovation expenses and startup costs, so that you will be better prepared for the financial aspects of investment properties.

Buying an investment property really can be a smart financial move for anyone. You just need to have the right tools, tips and advice to help you choose the right real estate investment. Make sure you connect with a local real estate pro, who can help you locate the perfect investment property, and then use the tips above to start raking in more profits.

Photo Credit: Pixabay

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