As a real estate investor, one of your biggest goals should be to make more money off of your investments. Unfortunately that isn’t always possible, especially not if you are spending money on marketing and advertising, or frequently dealing with repairs and damaged units. As a Kirkland investor, some of the most important things you can do include budgeting for repairs, considering hiring a Kirkland property management company, and ensuring that you provide a valuable service to your clients. Let’s get started.
Budget Before Taking out Profit
Taking out 30% of your income to provide for your property doesn’t really sound like it would increase your revenue, but over time it does. Saving 30 to 50% of profits allows you to have a sum of money that you can easily use for repairs, marketing, and maintenance, without cutting into the money that you are allowed to see as ‘profit’. While it does cut your immediate profits down, you might see a couple of interesting changes in the way you treat your property. The first is that with money already budgeted towards repairs and maintenance you’re more likely to spend more on making the property valuable. What else? You’re also less likely to not have funds in an emergency because you will already have set them aside. This increases value of services while diminishing stress to you, which is in itself valuable.
Fill Your Units
While this tip might sound obvious, there are a couple of ways to go about achieving filling your units. Examining your location, what you are offering, and how valuable it is can help you to market your units to the demographic interested in renting from you. Office buildings in Moss Bay should be marketed to that area, while storage units in Norkik should be marketed to business owners and families in Norkik. Essentially filling your units is about strategically marketing your rental space to the people interested in that space. Taking advantage of free online advertising services can help you as well, but mostly offer a lower turnaround rate than targeted sales marketing.
Understand and Create Value of Services
No matter what it is you are renting, try to make it more valuable than your competitors. Whether via a lower rate (which is not recommended) or via stellar service, friendly communication, and quality rentals (all highly recommended) your goal should be to make yourself stand out from your competitors. If you are renting office buildings consider making a deal with a local courier service to allow cheaper or free deliveries. If you’re renting storage units consider offering 24/7 access, rewards perks such as discounts on long term rentals, or even cleaning services. For apartments, allowing pets, offering 24/7 emergency calls for repairs, or even making sure that the exterior of the apartment building (and the grounds) stay as clean and neat as possible can all increase your value.
Consider Hiring a Kirkland Property Management Company
Did you know that a Kirkland property management company might be able to handle, market, lease or rent, and even screen tenants for your property? If you have no idea where to start with advertising, aren’t sure about how to screen tenants, and even don’t know how to treat or interact your tenants, then a Kirkland property manager can definitely benefit you. Property management companies benefit from having the know-how to efficiently market your units to rent or lease as quickly as possible, and also offer marketing and repair resources so that you get the maintenance you need at the lowest prices possible. Best of all, property management companies do everything for you so that you can either focus on your next investment, or on your full time job.
There are plenty of ways to start increasing your revenue but the most important are to ensure that you are offering valuable services, to market your property correctly, and to manage it correctly. If you aren’t good at managing, hiring a Kirkland property management company might be the best way to go. You can contact SJA Property Management for more information, or to get a free quote for your investment.