There’s a big difference between being an average real estate investor and an outstanding real estate investor. If you’re looking to maximize your success with rental properties, we have some words of wisdom for you. These are the five golden rules for better real estate investment.
Location, Location, Location
This rule isn’t a new one, but you need to understand what it really means. When you’re looking to invest, make sure you buy something that is located in a good school district. If you’re in a better school district, you’re going to attract better tenants who will not want to move around as much. Your investment options must cover high performing schools. You also want to consider nearby recreation opportunities. Look for trails, parks, and entertainment. A rental property near highway access will also help you attract commuters.
Before you rent out a property, most homes will need a municipal inspection. Make sure your property is clean, ready to show and has all the necessary maintenance completed. A higher quality home brings in higher quality tenants.
You need to be able to communicate respectfully and professionally with your tenants. If you hire a property management company, we can cover the communication between you, the owner, and your tenant. You’ll be free from developing personal relationships that can interfere in your business. We can also enforce the rules and protect you better.
Growing your Portfolio
By being a part of the Berkshire Hathaway network, we help our investors search out homes that meet their needs. We’ll help you decide what to do with your portfolio, whether you’re ready to grow or looking for residual income in your retirement.
Hire a Good Property Manager
When you’re hiring a property management company, make sure you hire the best. Do your research, check reviews and find out what associations the company belongs to. This will help you determine whether their morals, values and ethics are the best in the professional industry.
If you have questions about your real estate investments or how to ensure your property is managed well, please contact us at Select Leasing & Management.