Did you know that San Diego, CA is the most expensive city in the US? A huge part of that price tag is the skyrocketing home values, with no signs of slowing down in the near future.
If you own property in San Diego, you may want to learn about real estate asset management. With such high-value properties, it's important that your assets are protected and well-managed so you don't lose money.
Make Tenant Retention a Priority
It can cost a lot of money to find new tenants, from screening to making necessary property upgrades. It should be a goal for you to retain as many tenants as possible.
When it comes time for lease renewals, don't overcharge them. If they have been good tenants, it is better to have a guaranteed income without much risk than to bring in a new tenant who could get evicted or damage your property.
Handle Maintenance Issues Promptly
Maintenance problems may not seem like a big deal, but they can cause huge issues over time. If you don't take care of them right away, they can cost you a lot more money later on.
For example, it's better to replace a few roof shingles and repair a leak than have to get a whole new roof.
If you work with a property management company, they can coordinate maintenance for you. That is one less thing you have to worry about.
Generate Passive Income
The ultimate goal of real estate investment is passive income. This is income that you can make every month that you don't have to work for.
Try to pay off your properties quickly if you have a mortgage. Once your mortgage is paid off, you can use that extra rental income toward new investments, paying other expenses, or making upgrades to your existing properties.
Invest in Worthwhile Upgrades
Upgrading your property shouldn't happen when something needs to be fixed. Regularly evaluate your investment properties to see what you can do to generate more value over time.
Adding updated amenities and modern fixtures can bring even the rental value up substantially. When you can charge more for rent, that is more income in your pocket.
A good rule of thumb is to see how much something costs versus how much money it will bring in. Evaluate the average rent increase that comes from common upgrades to determine if it's something to invest in.
Find the Perfect Real Estate Asset Management Strategy
When you build your real estate portfolio, real estate asset management can seem like a daunting task as you accumulate more properties. However, once you have some methods in place, you can handle anything.
Harland Property Management is the partner you need for property management in San Diego. With our commitment to excellence, we will ensure your real estate assets are protected.
Do you want to get started with property ownership in the San Diego area? Take a look around our website for more information, or reach out to us today.
