Many experts argue that putting money into investment properties is one of the best ways to make money. However, managing everything can get tricky if you own multiple Kansas City properties. You need proven strategies to help you with your investment properties.
There are several ways to manage your Kansas City property, including hiring a property management company and regular maintenance. It's also important to keep tabs on your tenants. Mastering these techniques will make you a successful real estate investor!
Here's more on the three ways to manage your investment property.
1. Hire a Property Manager
A Kansas City property management company takes many things such as rent collection, broken pipes, and tenant screening off your hands.
Property managers will use an electronic rent collection system to ensure tenants pay their rent on time. Property management companies in Kansas City also have a list of contractors should something break. Why get up at 2 AM to fix a problem when a property management company can handle the complaint?
Property management companies in Kansas City also know how to screen for tenants properly so that you can avoid discrimination complaints. Hiring a Kansas City property management company also means less legal trouble because they know the laws and regulations.
2. Regular Maintainance
Regular maintenance on your investment property will help you keep costs down over time.
Replacing something before it breaks also causes fewer headaches. For example, if a water heater breaks, you likely must replace the water heater and clean up any damage.
Upgrading to energy-efficient appliances in your investment properties will save you and your tenant money. Your rental units will become more desirable, and you may even be able to charge higher rent. Being proactive will save you time and money as you receive a long-term rental income.
People will pay a higher income for hardwood floors, high-end kitchens, and amenities like a gym, swimming pool, or in-unit washer and dryers.
3. Tenants
Less turnover with tenants means less money you will spend advertising your properties.
You must do specific maintenance and clean the unit each time a tenant leaves.
Keep a good relationship with your tenants. Be sure to check in on them and be attentive to their needs. Do they have any advice on what you can improve on to make things better?
A tenant doesn't want to feel like they are renting from you; they want to feel like their rental unit is home.
Three Tips for Managing Investment Properties
There are three tips for managing investment properties in Kansas City, MO, including hiring property managers, doing regular maintenance, and keeping after your tenants. Taking the initiative with these steps will make you a successful investment property owner!
Whether your properties are your only source of income or part of a retirement portfolio, you want to get the most from your Kansas City, MO, investment properties. Contact us today and let us help you accomplish those goals!
