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

Real Estate Asset Management Best Practices That Put Money in Your Pocket
By Christine Carlson Tuesday, May 14, 2024

Do you feel like your Boise rental properties aren't making as much money as they could?

Even the savviest landlords can do more things to make their properties more profitable. Real estate asset management is crucial for ensuring your rental properties yield good returns. Many of these practices can also make your tenants happier as well.

What should Boise landlords know about improving their portfolios? Read on for our full real estate asset management guide.

Tenant Retention

Keeping stellar tenants is essential for maintaining a steady income stream from your rental properties. One of the best practices in real estate asset management is to focus on tenant retention. This involves the following:

  • Providing excellent customer service
  • Addressing tenant concerns right away
  • Building positive relationships with your renters

Happy tenants will want to renew their leases, which lowers vacancy rates and turnover costs. Keeping your tenants happy will make you feel good and uplift your business.

Rental Property Maintenance

Regular maintenance is imperative for protecting the value of your rental properties and preventing pricey repairs down the line. Having a proactive maintenance plan can help you address issues before they get worse. This includes the following tasks:

  • HVAC servicing
  • Plumbing inspections
  • Exterior upkeep

By staying on top of maintenance, you can prolong the lifespan of your property assets and lower unexpected expenses.

Rental Property Upgrades

Investing in upgrades and improvements can enhance the appeal of your rental properties and command higher rents. Consider doing the following:

  • Making strategic upgrades such as modernizing kitchens and bathrooms
  • Installing energy-efficient fixtures
  • Adding amenities like in-unit laundry or outdoor living spaces

While upgrades may need an initial investment, they can attract quality tenants and increase the whole value of your real estate portfolio over time.

Real Estate Asset Management Strategy

Developing a complete asset management strategy is key to optimizing the performance of your rental properties. This strategy should encompass the following:

  • Financial planning
  • Risk management
  • Portfolio diversification

Conduct regular reviews of your properties to assess their performance and identify areas for improvement. By setting clear goals and objectives, you can make wiser decisions that boost returns and lower potential risks.

Rental Property Expenses

Monitoring and controlling expenses is essential for maximizing profitability in real estate asset management. Keep a close eye on operating costs such as the following:

Look for opportunities to reduce costs through bulk purchasing, vendor negotiations, or energy-saving initiatives. By managing expenses well, you can improve cash flow and increase the net income generated by your rental properties.

Do You Need Help With Real Estate Asset Management?

Using the best practices in real estate asset management can help you a great deal. You can generate consistent income and build long-term wealth through your rental properties. By focusing on these things, you can optimize your real estate portfolio's financial performance.

Has running your Boise rental properties been difficult? At Wave Property Management, we've been helping investors thrive for over a decade. Contact us to discuss our property management solutions.

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Author

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Christine Carlson
Senior Property Manager, 2IC Integrator
Christine serves as the current integrator with Wave Property Management, where she plays a pivotal role in overseeing all Operations. Christine’s business development mindset is an asset to Wave, and has been from the beginning of the company's foundations. Her background as a Canadian National rugby athlete (Pretty cool, eh?) and a business owner provide priceless wisdom to her role on the team. As the Second in Command at Wave Property Management, Christine uses her attention to detail to g...
Christine serves as the current integrator with Wave Property Management, where she plays a pivotal role in overseeing all Operations. Christine’s business development mindset is an asset to Wave, and has been from the beginning of the company's foundations. Her background as a Canadian National rugby athlete (Pretty cool, eh?) and a business owner provide priceless wisdom to her role on the team. As the Second in Command at Wave Property Management, Christine uses her attention to detail to grow the team and establish processes; assisting the whole company in executing the overall direction of scalable growth. A real estate investor herself, she brings understanding to both sides of the client and resident experience and models a high level of communication and consistency. Having played a role in the expansion of Wave Property Management into this development project for the last seven years, she is ready to assist in the growth of our next phase. Christine is married and has three children. Her hobbies include travel, baking, and being a winemaker.
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