Real estate investing is typically seen as a way for people to increase their financial gain. But acquiring a lot of rental properties, renting them out to tenants, and collecting rent payments isn’t the only step in the formula for success.

The biggest stumbling block to growing a real estate investment is the fact that many people who want to invest frequently lack the knowledge or understanding necessary to manage a property. Investors are best advised to focus on keeping the tenants they currently have happy because occupancy rate fluctuations are never guaranteed. Otherwise, there will always be a chance for a significant slowdown in success and portfolio growth.

Let’s look at some fundamental aspects that will aid real estate investment growth in the competitive market of today.

Marketing

It costs money for a rental property to be vacant every day. If the apartment or building isn’t promptly rented out, it wasn’t a good investment. But that doesn’t mean it will be simple; screening applications is both tiresome and unpleasant. Because of this, marketing must be considered, and the best place to do so is online. A Facebook advertisement is a fantastic marketing strategy that is also worth a chance, is reasonably priced and has scalable results. It’s definitely worthwhile if a small expenditure on a Facebook advertisement makes the difference between an occupied unit and a vacant one.

Last but not least, even without access to virtual reality, you can still provide potential tenants a comprehensive look at your property and a “tour” by posting a YouTube video for public viewing.

Maintenance

Maintaining a property is a key differentiator between tenants who are satisfied and those who are not. A tenant’s level of satisfaction is directly correlated with their attention to maintenance. Buying a property does not exempt you from performing all necessary upkeep. By attending to issues like clogged pipes, toilet leaks, and broken appliances, you can keep your tenants pleased.

Because it offers preventative treatment, that attentiveness also contributes to financial savings. Millions of dollars that an unexpected occurrence (like a pipe leak) could cost without routine checks can be prevented by performing routine maintenance checks on devices like smoke detectors, HVAC units, and water heaters.

Tenant Expectations

Recent college graduates in their 20s make up a sizable portion of the rental market. The millennial and Gen Z groups have different expectations when it comes to renting. To attract and retain them, you must live up to their expectations. Millennial and Generation Z retention depends on making the proper amenity investments. These extras don’t need to be expensive, but early investments can lead to a high occupancy rate and renter retention, enabling more real estate investment development.

Takeaway

Find out everything that goes into managing and owning a property from the tenant’s perspective before deciding to invest in real estate. A business’s ability to find tenants, or lack thereof, is crucial. For the contemporary real estate investor, minor elements like communication and maintenance add up to a much bigger picture. Know what kind of property management each investment requires before you make it, and invest wisely.