According to Columbus realtors, 28,754 homes were sold in Ohio in 2024. This was a marked increase from 2023 and shows no signs of slowing down.
With a real estate market this active, Ohio can be a great location for property investors. However, as your portfolio starts to grow, you might have a hard time staying on top of everything. Following the best practices can help you with your real estate asset management.
In this guide, we'll go over some of these best practices so you can get the most out of your investment properties. Let's get started.
Focus on Effective Property Marketing
Before you can start making an income, you need to find tenants. You must market your properties well to do this.
Optimize your listings so that they attract potential renters. Include all of the details that people will be interested in, such as:
- Property size
- Number of bedrooms
- Location
- Nearby amenities
Highlight any unique features that make your property stand out from others in the area. Be concise, as people are less likely to read property descriptions if they're too long.
It can be a good idea to hire a professional property photographer. The images are one of the most important elements of your listing, so you want to make sure your property looks its best.
Screen Tenants Thoroughly
After attracting tenants and getting applications, you want to select the most suitable tenants. Some may have a history of issues like property damage or criminal activity, and you want to avoid these. Tenant screening is the best way to ensure you get high-quality tenants.
Make sure you always conduct a thorough tenant screening process. You can narrow your applicant pool down and select tenants that you trust to look after your property and not cause any major issues.
Maintain Your Properties
It's crucial that you look after any investment properties you own. If you fail to do so, they'll lose value over time, resulting in a worse ROI. Degrading properties will also be less appealing to renters, making it harder to find tenants or make the income you want.
Organize a routine property maintenance schedule that involves regular inspections. You'll be able to stay on top of a lot of issues so that major problems don't come up.
If there are any unexpected issues, take care of them as soon as you can. The longer you leave them, the worse they'll get, resulting in larger repair costs.
A well-maintained property will also keep your current tenants happier. They'll be more inclined to renew their lease when their current one expires so you won't need to worry so much about periods of vacancy.
Professional Real Estate Asset Management Services
All of these tips will help you, but it can be easy to become overwhelmed, especially as your real estate portfolio grows. One of the best things you can do to simplify matters is hire a property management company. A property manager can take care of the above and more to help you stay on track with your investment goals.
Bridgestream Property Management is a professional real estate asset management company serving Dayton and the surrounding communities. We offer 24/7 online portal access so you're always connected. Contact us today for your free quote.
