Deciding to invest in property is a big decision made based on several factors; from ever-changing market conditions, choosing the best location, need for property improvements, and occupancy rates. At Spectrum Realty Services, LLC we are with you every step of the way with our comprehensive rental property management services in Jacksonville and throughout Northeast Florida. Today, we are going to talk through 3 key factors for how we help maximize your return on investment (ROI).
1. Market Research Is Key
Market research should be organized and segmented around four key points: market, demand, supply, and environment. Location analysis is our first step and crucial to a successful property investment. We help you consider factors like area crime rates, quality of local schools, and proximity to amenities to decide what Northeast Florida neighborhood the best investment lies in. Next, we will analyze comparable units (number of bedrooms, square footage, lot size, age, etc.) and research the average rental prices in the area. We check the vacancy rate in the neighborhood to ensure it’s a desirable place to live – because the higher the vacancy rate, the less desirable. Deciding what improvements you can make on the property, both interior and exterior, can greatly influence your ROI. The team here at Spectrum Realty can perform comprehensive market research on your behalf to ensure you are augmenting your investment to the fullest.
2. Tenant Screening
Tenants can make or break your rental property investment, quite literally. Carefully selecting the right tenants for your rental property can be a tedious process. Selecting a bad tenant can significantly lower your return on investment and cause major stress. Spectrum Realty can manage the entire tenant process from application submissions to tenant screening and everything in between with our property management services. Our in-depth tenant screening process includes background checks, credit checks, and employment verification to ensure only the most reliable tenants are selected for your property.
3. Reduce Turnover Time
Happy tenants equal a happy property. A happy property equals a happy you – and a larger return on your investment! Reducing tenant turnover time is crucial to maintaining and maximizing your ROI, whether it’s ensuring the property is well-maintained or as simple as making a great first impression, managing your tenants so they stay longer is effective in the long run. When the time comes and you have vacant units to fill, we are ready to efficiently list and market the unit. Spectrum Realty can manage the process for you, making for a seamless transition between tenants when needed, and keeping existing tenants happy.
Spectrum Realty Services, LLC is here to help you grow your rental property investment and navigate the process together. Our goal is to ensure that you are maximizing your ROI and that your rental property is being managed to the fullest. With over 16 years of experience as a property management company and licensed real estate brokerage, we’ve got the tools in our belt to help you succeed.