With the costs of goods and services steadily climbing, protecting the bottom line is more critical than ever for landlords.  

The Dilemma  

Continue to meet financial obligations, pursue business goals, and maximize profits, all while offering housing options that are affordable and attractive to today’s tenants. 

The Formula  

Maximizing profits by increasing income while reducing expenses. A no-brainer equation on paper that requires a challenging plan of execution. And in today’s economy, that plan had better include A-game strategies. So, let’s look at the HOW of maximizing property management profits in these days of skyrocketing prices and climbing inflation. 

• Preventative, Proactive Maintenance 

Taking the offensive regarding maintenance is always wiser than assuming a defensive stance. Making preventative maintenance a number one priority enables landlords to catch problems when the repair/solution/remedy falls in the minor to moderate range for cost and difficulty. Choosing to be proactive rather than going with a “wait and see” approach can save big bucks, untold headaches, and serious hassles. Fix things before the scenario reaches a do-or-die status.

• A Review of Marketing Strategies 

The goal of this assessment? To determine how to market smarter. Look for ways to reach your target audience more effectively with an eye toward reducing the dollars spent. To be effective, marketing efforts must connect with the sought-after audience—in this case, potential tenants—in the right channels—the places this/these demographics “hang out.” The sharpest marketing campaigns posted in the wrong places will net slim results. 

• Minimizing Resident Turnover 

Turnover is expensive. Loss of income from vacancy, readying the property for new renters, advertising the unit, showing the unit, not to mention all the paperwork and processing to get a tenant settled in. Turnover can be costly in terms of both money and time. The whole business of starting over with new tenants comes with a hefty portion of uncertainty, too. Will they pay the rent on time? Will they maintain the property? Be courteous to the neighbors and you?  

• A wise landlord will go to great lengths to retain and satisfy tenants. By focusing on what matters most to tenants, landlords can minimize turnover. 
• Attention to property upkeep and maintenance 
• Responsiveness to concerns large and small 
• A genuine sense of caring about the tenants 
• A desire to build a sense of community 
• A commitment to offer residences that feels like home

Reducing expenses via preventative maintenance, and marketing strategies, coupled with low turnover, will indeed maximize profits. 

 About Rentals America       

Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management and we’re here to help landlords navigate the rental market.