Did you know the average monthly rental rate in Florida climbed from $1,459 in March 2020 to $2,127 in March 2023? This is up 45% over the three-year period.
If you invest in real estate in or around Fort Walton Beach, FL, you'll want to know how to maximize your upside potential and lower your downside risks. It'll pay to learn about real estate asset management best practices.
Continue reading to learn how to bring in more money from your real estate assets.
Hire a Property Manager
You might wonder how you can possibly make more money by giving a property manager some of your rental income every month. The reality, however, is doing just that is an investment that will pay off.
Property managers charge a relatively small percentage of rental income for their services. You'll get the sort of help with landlord duties that allows you to increase the income-earning potential of your real estate assets.
You can get help with finding quality tenants, maintaining your rental property, renovating your units, sourcing materials and supplies at competitive costs, and more. Doing everything yourself will cost you more over the long term.
Retaining the services of a property management firm will give you an advantage over property owners without the help of a third-party service provider.
Make Sure Your Rent Isn't Too Low
One of the worst things you can do is to set rental rates way too low. You must know how much rent goes for investment properties comparable to yours in and around Fort Walton Beach, FL.
If not, you might charge too little and fail to maximize your investment.
Hiring a property manager for your real estate is one of the best things you can do as a real estate investor. Property managers know the real estate markets in their target markets inside and out, so they understand rental rates.
Passive monthly income is a great reason to invest in rental properties, but you'll be doing yourself a disservice if you're not collecting enough rent. Part of managing your assets is getting help in setting competitive rental rates.
Take Care of Tenants, and They'll Take Care of You
You won't make any money from vacant units, but you might experience that problem if your tenants aren't satisfied with the level of service you offer. Customer service is essential when you're a rental property owner.
If your tenants feel neglected or feel like the property isn't being properly taken care of, they're unlikely to renew their leases. They might even break their leases -- and stomach the penalty -- to seek greener pastures elsewhere.
Hiring a property manager means your tenants will have the customer service they deserve and expect. You won't have to try to do it all yourself since the property manager will provide customer care for your tenants.
Do You Need Help With Real Estate Asset Management?
If you want to succeed with your real estate investments, consider hiring a property manager. One of the most important things you can do to safeguard your rental property investment.
You can count on us for your real estate asset management needs. At All American Realty and Investment Group, we're a full-service provider management firm. Get in touch to learn more about how we can assist you.
