Letts Property Management is a property management company serving the Greenville County market in upstate South Carolina. We work with our owners to increase their rental income and maximize the performance of their investments. Today, we’re talking about what it takes to do that, and I’m sharing the four keys to maximizing your return on investment for your rental property.
Responsive Greenville Property Management
The first key is finding and retaining good tenants with excellent service and excellent responsiveness. Tenants want to know that when they call with a question or a need, someone is going to be there to pick up the phone. Tenants want to know that their concerns are heard.
Along with that, they want to know that their property is taken care of and properly maintained. One of our goals as a boutique firm is to make sure we are available and accessible to our tenants. We want to respond to their needs when they arise. It keeps good tenants in place and increases your ROI.
Collecting Rent Consistently
The second key is collecting rent and maximizing your rental income. You have to make sure you’re collecting at least 98 to 99 percent of your rental income on time every month. Consistent rental collection policies are required, and good tenant relationships also help. Make sure to communicate with your tenants and let them know what your expectations are for on-time rental payments. When you have a good relationship with your tenants, you have a better chance of getting the rent paid month in and month out.
Competitive Greenville Rental Property Pricing
The next key is to price your rental units correctly.
We see a lot of owners desperately overpricing their properties, even if the condition of their rental home isn’t great. Properly pricing your rental units allows us to get them rented in the shortest amount of time for the most rent possible. If you overprice your property, it will be vacant longer, and that’s going to be expensive. The goal is to get your revenue coming in at the highest percentage it possibly can.
Cost-Effective Maintenance Plans
The last key is managing and maintaining your maintenance expenses. The number one area that we see the majority of owners lose their return on investment is maintenance. It’s easy to make a mistake and not properly manage your maintenance budget. Not knowing when to provide preventative maintenance and not knowing how to handle maintenance as it arises can cause owners to overspend on the repair needs for a property.
Related to this is preparing a property for the rental market and doing the necessary work to keep it in good condition.
These are the four things that really impact the amount of ROI you earn on your Greenville rental property. Our goal is to help our owners earn as much as possible on their investment.