According to US Census Bureau data, the country's rental vacancy rate increased from 5.8% in 2022 to 6.6% in 2024. Owning multiple vacant properties can cost you thousands in potential earnings each month.
With proper real estate asset management, you can find and retain renters to maximize your rental income. Not sure which strategies will help you reduce tenant churn? Read on to discover real estate portfolio management tips that will put money back in your pocket!
Understand the Local Market
Before applying these strategies, research Orlando, FL's rental market. Recognize:
- Popular rental property upgrades
- Up-and-coming neighborhoods
- Rental rates
You can work with an experienced property management company to gather this information. They'll help you complete a detailed rental analysis, allowing you to set competitive monthly rates.
Otherwise, you could set the rate too low, which could cost you rental income. Rates that are too high will deter renters, leaving your properties vacant.
To avoid unexpected costs, understand local landlord-tenant laws. Failing to remain compliant can lead to expensive lawsuits and fines.
Find and Retain Renters
Develop a multifaceted digital marketing strategy to ensure Orlando renters find your online listings. Share high-quality images and engaging photos on social media to spark their interest.
Improve your occupancy rate and rental income by finding reliable renters. To avoid problematic individuals who may damage the property or pay late, develop a tenant screening process. Review each applicant's:
- Rental history
- References
- Criminal background check
- Credit score
- Eviction history
Save time and money by outsourcing this task to a property management company. They'll find you reliable renters worth retaining. Increasing lease renewals will save you money on vacancies and marketing.
Strategic Property Maintenance
For strategic property maintenance, schedule regular inspections. Professionals will spot problems that require immediate repairs. This will help you avoid more costly renovations.
Allow tenants to submit maintenance requests online. You can maintain your properties before problems worsen. Responding promptly will improve satisfaction rates, leading to more renewals.
Request Property Management Services
Partner with a property management company. Choose a company that uses state-of-the-art technology, which can streamline your real estate portfolio management. Automation will save you valuable time while reducing human error.
A full-service property management company can cover:
- Property marketing
- Maintenance and inspections
- Tenant screening
- Evictions
- Accounting
- Rent collection
Rely on their local experience to navigate Orlando's competitive market. You can recognize opportunities for growth to generate more rental income.
Your property manager can provide regular owner statements. You can review how your properties perform and recognize areas where you can cut spending. With help, you can maximize your ROI without wasting resources.
Leverage Real Estate Asset Management
Applying these real estate asset management tips alone can take time and resources you don't have. Instead, partner with a full-service property management company. Their professional property management services can put money back in your pocket.
Trust our team at PMI Platinum FL to maximize your rental income. We use results-driven strategies and state-of-the-art technology that allows owners to track each property's performance. Contact us now for a free rental analysis.
