Des Moines is now well-known to be a great place for investment landlords and a portfolio of rental homes. The home purchase prices are notoriously low, the construction style is sturdy, and the population is swelling considerably with each year. This means there is a constant demand for rental homes and great opportunities to buy for satisfactory ROI.
Of course, many of the best rental home options are among older houses in renovating neighborhoods which means that property management isn't exactly a no-brainer. To make the most of the great opportunities for profitable rental in Des Moines, it's important to have a few smart property management techniques at play. Let's dive into the top five that every Des Moines landlord should have.
1) Know Your Neighborhoods
Des Moines has a rich tapestry of neighborhoods. Old and new, big houses and small, HOAs and independent streets. If you're in an HOA, you should be acutely aware of the community's standards and fees. You should also be aware of the potentially shifting average rental price for the area and keep your rents competitive with updates between tenants. Some neighborhoods are more desirable than others because they are close to parks, schools, or transportation. Some are quiet and better for different types of tenants. The more you know about your neighborhood, the better.
2) Update Homes With Every Turnover
With a quickly developing rental inventory, competition can be surprisingly steep in Des Moines. One of the best things you can do to keep your properties appealing to your ideal tenant variety is to constantly look for little ways to update. Every time tenants move out, repaint the home and perform small repairs and upgrades as your budget allows. This can be a great way to not only make a home up-to-date appealing, but also progressively transform an older-home investment into something trendy and chic without front-loading your expenses.
3) Build a Local Property Management Network
The first time the water heater fails is not the time to start weighing your repair options. And the first time you have to go out of town is not when you want to be looking for a stand-in management solution. Smart landlords build their property management network ahead of time. From the repair technicians you call when something goes wrong to property managers you partner with to cover all your bases and handle multiple properties at once, get started early. Before your decision is rushed with the need for ASAP solutions.
4) Keep in Touch With Your Tenants
Great landlords keep their tenants in the loop from day one. Start by going over the lease with a tenant before they sign to make sure they fully understand the terms, expectations, and potential fees. Then be sure to remain available and aware of your tenants during their residence. Answer the phone and respond to emails. Take care of repairs promptly, and perform twice-annual inspection/maintenance cycles to ensure the home remains in top condition for your tenants. If your tenants need anything, either be personally available of have a property management team ready to step in and take care of tenants for you.
5) Perfect Your Marketing Technique
Finally, it's time to hone your rental home marketing techniques. Marketing a rental home isn't like anything else. You need platforms to get the word out by hosting your listing. Your listing needs attractive up-to-date photos of the home empty and an accurately detailed description. Include the home's features and amenities along with neighborhood and walking-distance attractions. Get good at putting up the listing when your tenants inform you of a plan not to renew the lease, and taking it down again when you've decided on a new tenant. And, of course, perfect your tenant screening process. Or you can outsource to your property managers who can market a rental home and screen tenants in their sleep from extensive practice.
Are you looking to improve your Des Moines landlord technique or invest in your first Des Moines rental home? Contact us today and our local Renters Warehouse team can help. Our hassle-free property management services and real estate investment marketplace will help you to take the next steps to financial freedom. Get started with a Free Rental Price Analysis!
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