Real Estate Asset Management Best Practices That Put Money In Your Pocket

Real Estate Asset Management Best Practices That Put Money In Your Pocket

Are you a new landlord in Pensacola, Florida? This beautiful city in Florida has so much to offer. It is a great investment if you want to own a vacation rental or a long-term rental.

Have you ever wondered how best to manage your real estate portfolio? What if you want to grow it even more? Here are some tips to keep you on the right track for your real estate asset management.

Aim for Passive Income

You don't want to keep running around to your rental properties whenever there's an issue. The ultimate goal of being a landlord is passive income regarding property maintenance.

Some things you can do to make it easier are streamlining rent collection or working with a property management company. For a fee, they can take care of everything for you, and you can make extra cash without any work.

Keep Up to Date With Maintenance

You do not want to deal with a maintenance issue when it becomes huge and expensive. The best course of action is to cut it off at the source. Once you see something is wrong, fix it before it magnifies.

For example, if you notice problems with the HVAC system, bring a technician out right away. It could be a simple solution, such as unclogging an air duct.

Prioritize Lease Renewals

Finding new tenants can be costly, and the longer your property stays vacant, the more money you lose. It might seem like a good idea to get new tenants and raise the rent, but it can actually cost you more.

Encourage current tenants to renew their leases. Offer a discounted rate or special bonus if they do things like consistently pay their rent on time. Once you find good tenants, hang on to them for as long as possible.

Bring in the Experts

Property management can be stressful, especially for new landlords. If you want a more hands-off experience, it may be better to work with a property management company.

A property manager can handle things like:

  • Rent collection
  • Maintenance requests
  • Tenant screenings
  • Tenant portal
  • Security deposits
  • Rental applicants

Your property manager can do as much or as little as you need. Best of all, they can give you freedom, whether you want to travel more or invest in other cities.

You won't have to stay tied down to one location just because you own a rental property there. Meet with your property manager periodically to discuss your needs and whether you want to change the level of service.

Try These Real Estate Asset Management Strategies

Real estate asset management doesn't have to be complicated. With this guide, you can manage your properties with ease, even if you are a new landlord.

If you own a rental property in the Pensacola area, consider Pensacola Property Management to help you with all of your needs.

Our team at PMI C-Shell has over two decades of property management experience, and we can handle any situation. Reach out to us today to get started.