What Are The Top 5 Reasons Investors Are Successful With Residential Rental Property?
By: Atlas Group LC
They know exactly what the property will rent for. This will keep them from overpaying for a property. They have learned to purchase their property through a property manager who is going to tell them the truth about a property's rent potential. They have been burned in the past by sales agents that paint a glorious picture of profits, only to find out after their purchase that the property will rent for way less than they were told.
They Keep Expenses Low
Investors understand that as properties age they are going to need more maintenance and repairs. Most experienced landlord's factor in replacing things like HVAC units, roofs, and water heaters. If you are buying an older building the chances are good that a lot of the infrastructure in the property is old as well. They have a long list of preferred vendors that can be called upon to keep the property in good repair and insure a steady flow of income.
They Control Vacancies
Vacancies will absolutely kill what was a profitable investment and potentially turn it into a nightmare. No matter what the reason is, having a property sit vacant is about the costliest position you can be in. Many do-it-yourself owners that don't have access to reliable maintenance people find themselves having to do the work themselves. Usually that means sizeable delays as you work around your current schedule. It could be that they have lost touch with the current market and price themselves out of the market trying to recoup the money they just sunk into repairs. Possibly they are missing showing opportunities because their schedule doesn't allow them to be available when prospective tenants are interested in seeing the property.
They Keep Up With The Market
A lot can change over the course of a few months, a year, or longer. Keeping up with the current market rental rates is critical when renewing a lease or rental agreement. This alone will make a huge difference in an owner's bottom line over time.
They Realize They Shouldn't Do It Themselves
They have a growth mindset and understand that in order to grow and expand their investment portfolio they can't do it alone. No investor takes on additional rental property with the idea of also taking on a 2nd or 3rd job managing it themselves. In the long run they find that it is less stressful and more cost effective to have a professional management company handling all of the day-to-day challenges that crop up. Their main focus is finding the best properties to acquire.
If you're an investor that is looking to expand and grow your portfolio and need a qualified, experienced, 24/7 property management company to support you in your financial goals, then you should consider the Atlas Group LC. Problem solving and helping investors thrive is what they do. There's no obligation, just give them a call (702) 916-2222