Property management isn’t necessarily rocket science, but working with a professional Phoenix property management company can help you earn more in rental income. Professional property managers have more experience and a lot of knowledge about the local market. As an independent landlord or private investor, you have a lot of other demands on your time and resources, and managing your income property can’t always be a priority.
Whether you’re a new investor or an experienced investor, we have a few tips to help you earn more on your rental property.
Provide a Move-In Ready Phoenix Rental Property
When you’re preparing your Phoenix home for the rental market, make sure it’s move-in ready. Good tenants are only willing to pay top dollar when you offer an attractive and welcoming property. Do everything you can to make it stand out as a great place to call home. Pay attention to things like:
- Fresh paint on the walls
- Professional cleaning
- Landscaping and yard maintenance
- Making updates like new carpet and appliances
If your home isn’t rent-ready, it’s going to take you longer to rent it out, and that will drive up your vacancy costs. You’ll also have trouble finding a quality tenant who is willing to pay market rents.
Make sure the maintenance work is done quickly and by qualified vendors and contractors. You might have an uncle who paints from time to time or knows his way around household plumbing, but if he cannot do the work right away, you’ll lose money. Don’t hire unskilled workers because it opens you up to a lot of liability and can lead to the need for further repairs to fix what was done incorrectly.
Compete for the Best Phoenix Tenants
Great tenants pay rent on time, take care of your property, and stay in place for a long time. All these things maximize your rental income. So, make sure your property is competitive on the Phoenix rental market. It needs to be in great condition. Take a look at what other properties are renting for, and what they’re offering. Make rental comparisons with reliable data and not the numbers you’re finding on Zillow or Craigslist. A real estate agent or property manager can help you access data from the Multiple Listing Service and evaluate how long comparable properties have been on the market and what they were listed for versus what they rented for.
Market Your Phoenix Home Strategically
At Bennett Property Management, we advertise homes online with innovative marketing techniques, and we no longer use signage at most of our properties. We don’t like advertising to the world that a property is vacant. It invites thievery and questionable activities.
The internet is the best way to find a great tenant and to advertise your vacant home. To find a tenant quickly and maximize your rental income, you need to be in front of the best Phoenix tenants and on all the popular rental sites. We use professional photography and we track and analyze all the results from our marketing efforts. This leads to more effective marketing and better rental income.
If you’d like help preparing and pricing your rental property or you have any questions about Phoenix property management, please contact us at Bennett Property Management. We’d love to be your local resource.
