Ready to get the most out of your rental properties this year? RentHub is here to help real estate investors maximize the best rental market and start your new year off profitably.
If you're already in the DFW area, you're in the right place! If you're thinking of expanding your portfolio from out of state, DFW is the place to be—but buying any available property and letting anyone move into it isn't the best way to make more money as a real estate investor.
Whether 2020 was your year (or not), start this year off with your eyes on the prize for your rental property business. Follow our best DFW property management insights to start and maintain a profitable year as a real estate investor!
Keep More Renters
What's one of the best secrets to more income in the new year? Keep more renters longer! Happy renters who renew their lease boost your income—so, how can you keep your residents longer?
You can't force them to stay, but you can encourage them to renew a lease with excellent property management services. Your renters are spending more time at home than ever before. To benefit from more renewals, investors need to make their homes places their renters love to be!
What should that include? If it's been a while since you've made property upgrades, consider smart updates that help renters working (and playing) at home more than ever before, like:
- Plenty of outlets and charging areas to help renters keep computers, printers, and other home office equipment active throughout a work-from-home day
- Smart home features to reduce energy costs from residents spending more time at home
- Video Wi-Fi doorbells to securely alert renters juggling kids to deliveries.
These updates are inexpensive but can make life in your rentals more comfortable for your best DFW residents.
You might also be able to justify a reasonable rental rate increase that doesn't overwhelm your renters! Work with DFW property management to run a rental analysis after adding these amenities.
Technology Is Now
Technology has to be part of your business plan to compete in the DFW market. Investors can't expect a profitable year if they still operate rental properties with old-school methods of rent collection or accept maintenance requests only by phone during regular business hours.
Renters don't operate during your business hours, and rental property maintenance emergencies can happen at any time. Making more rental property income this year will require the technology renters look for when choosing a DFW rental home!
Rental Property owners must:
- Make it easier to pay the rent with an online rent collection system.
- Offer an online portal where renters can make a maintenance request—any time.
- Set up new and renewed leases with electronic signing options.
- Use technology to keep renters informed and send late payment reminders.
Starting the year with these technology upgrades will boost your income all year long! You'll see better resident retention and reduce late payments when applying the latest technology to your business operations.
Remember the Basics
New technology can't replace the critical basics of investing in real estate. While doing more, be sure to keep up with best practices that helped you through last year and into the new year with your DFW investments.
- Your tenant screening process
- Property inspections and routine maintenance
- Building positive renter relationships
- Setting the ideal rental rate
- Enforcing the lease.
You and your renters live in challenging times—but it's not the time to relax your rental property best practices.
If these must-dos are not currently part of your routine as an investor, now is the time to add them to your task list—or hire professional DFW property management. Making more money in the new year can often be as simple as executing the rental property ownership basics you didn't do consistently last year.
Hire DFW Property Management
Investors can't DIY in 2021 if they want a profitable year. Surviving 2020 as a real estate investor was challenging enough. There's no need to navigate the new year on your own!
- Turning your rental property management over to the professionals is the best thing you can do to start this year profitably.
- DFW property management experts can quickly assess your most significant needs as a property owner and put solutions in place to grow your income.
Choose a property manager that utilizes cutting-edge technology, understands the DFW rental market, and knows what renters want from rental properties—now and in the future. We can't predict what type of year this year will be. However, RentHub can help investors prepare for anything that comes their way with our industry experience, established processes, and ability to think and act quickly for residents and property owners.
With our full-service property management for just $99/month, there's no reason not to start the new year strong with RentHub's expert property management and HubFactor Guarantees. Contact us for a consultation, and let's make your real estate investments reach peak performance this year!