Imagine filling every one of your Bothell, WA investment properties. You can maximize your earning potential and feel confident knowing money is in your account.
Unfortunately, the country's rising rental vacancy rate (now at 6.4%) could make that difficult. One vacant unit is thousands of dollars worth of lost revenue.
Before you lose money, apply these real estate asset management best practices. Boost your occupancy rate and ROI today!
Conduct a Rental Analysis
Complete a rental analysis of Bothell, WA. To perform an analysis:
- Analyze the city
- Look at property prices
- Check appreciation rates
- Consider demand
- Compare the price-to-rent ratio
- Evaluate the neighborhood
- Find comparative properties
- Calculate the rental rate
- Determine costs for your rentals
- Determine your ROI in the market
Conducting a real estate analysis can help you find profitable opportunities. You can set competitive rental pricing to make your rentals more attractive.
Setting rates too high will scare away future renters. When rates are too low, you'll lose money. For help, consider working with a property management company.
Use this information to make informed changes to your rental property. Recognize what other rentals are offering that yours doesn't.
Market Vacant Listings
Develop a digital marketing strategy to direct more people to your vacant listings. Nearly 50% of homeowners search online before contacting an agent. Many renters check online as well.
Digital marketing strategies include:
- Social media marketing
- Email marketing
- Paid advertising
- Search engine optimization
- Content marketing
Enhance your property listings with virtual and video tours. Use location-specific keywords to position the listing in front of Bothell renters.
Screen Applicants
Don't rush to fill your vacant units. Otherwise, you could select unreliable renters.
They could damage your beautiful property or fail to pay rent. You may need to deal with the stress of evicting them.
Instead, outsource your tenant screening process. Some background checks contain inaccurate information. Outsourcing will help you choose reliable tenants.
Choose Appealing Real Estate Upgrades
Make your Bothell rental property a more desirable place to live. Select real estate upgrades that draw in high-quality tenants. These include:
- Hardwood floors
- Energy-efficient windows
- Smart home technology
- Backsplash
- Fresh paint
- New light fixtures
Talk to your existing tenants. Determine what upgrades they're looking for to meet their needs.
Complete Property Maintenance
Your beautiful property will deteriorate if you neglect to schedule inspections and preventative maintenance. Prioritize property maintenance to keep your properties looking their best. Otherwise, you won't attract new renters.
Develop a Tenant Retention Strategy
Retaining your existing tenants can save you time and money. You can avoid costs associated with marketing, tenant screening, and more.
Encourage lease renewals by offering incentives. Set competitive rates instead of massive increases.
Leverage technology to offer tenants better living experiences. For example, they can use an online portal to submit rent payments and requests.
Outsource Real Estate Asset Management
Proper real estate asset management can ensure your success in Bothell's competitive market. Use these tips to improve your occupancy rate.
You can always work with our team at PMI Equitas to maximize your earning potential. Leverage our proven strategies and 20 years of local real estate management experience. Contact us today to improve your profitability.
