4545 E. Shea Blvd, Suite 200
PHOENIX, Arizona 85028
Main Office (602) 340-1222
Toll Free (866) 991-1222
1. Make Your Property Desirable. This means it should have great curb appeal and look clean and attractive on the inside. Have you ever noticed the effort and expense that new home models spend on the appearance of their homes? The process of finding a renter is not that different from finding a buyer. Make sure the landscaping is cleaned up and looks attractive. As the tenant walks up to the house they should see a well maintained exterior. Fading paint, broken doors or windows will send the wrong message. Inside the carpets must be clean, the walls painted and all must look well maintained. Your property manager will be glad to assess your property and give you feedback about what needs to be done.
2. Price Your Property Correctly. There has never been a time when tenants have so much access to information about rental properties. The rental market for finding good tenants is very competitive. Your house needs to look nicer and cost less to rent. If there are other houses in the area that look just as nice but cost less to rent your house will continue to sit vacant. McMath Realty specializes in helping you find the correct rental price that will allow your property to rent quickly at the best price.
3. Market Your Property Effectively. McMath Realty Employs The Most Effective Marketing Strategy Possible to Find a Good Tenant For Your Home.
4. Rent to Quality Tenants. Quality tenants pay their rent on time and take good care of your property. The best predictor of future behavior is a person's past behavior. Careful background checks and follow up on the information provided in the tenant's application is invaluable to finding a good tenant. Quality management for your rental property begins with finding a good tenant. This is absolutely essential to the success of your investment property.
5. Effective Communication with Your Tenant is Essential. Communication with tenants will fall in the realm of both positive and negative. On the positive side, a quick response to legitimate tenant needs is imperative. McMath Realty tenants have online access and can submit work requests and pay their rent online. In addition, there is one property manager responsible for the property so they do not have to speak to multiple people. Sometimes a tenant fails to pay rent on time or violates some requirement of the lease. Immediate and written communication is the most effective way to deal with those issues.
When you own an investment property you have an increase in equity because your home is appreciating in value and the loan is being paid down by rents collected. Your positive cash flow is another source of wealth growth. In addition, there are certain tax advantages due to depreciation and interest paid. Add it all up, and it is one of the soundest investment you can possibly make. Your particular results will be unique to the factors of your income and rental property. Be sure you consult your accountant.
This is the optimum time to invest in rental properties. McMath Realty specializes in helping property owners managing their rental properties. Contact us today for additional information.