We've all heard about buying bidding wars, but in Boston, the housing shortage crisis is now creating leasing wars with 5% of rentals going over asking. So how do you keep up as a rental property owner? If you're a real estate investor in Boston, we've rounded up everything you need to know about rental property management trends in 2024.
From property management software to pricing, we'll go over all the latest trends to help you make the most of your rental property. Let's dive in and see which strategies are right for your investment property.
Property Management Software
Technology is an important part of rental property management. It can help you keep track of your properties, and manage your tenants and their payments. This is where a professional property management company comes in.
Management companies have the latest property technology. They invest in the best software to make managing multiple properties seamless. You don't have to worry about finding the best product, managing listings, payments, or lease renewals when it's handled by the pros.
Investing in Profits
Investing in profits means investing in your rental properties. One of the best ways to do this is by improving the property and its surrounding area, or by improving the rental process for tenants and landlords.
If you're an investor, then you probably have an eye for detail and a good sense of what makes a place easier to rent. If there are things that could use improvement, speak to a professional management company about updates. They have contractors and recommendations to help your rental earn more each month.
Marketing and Advertising
Marketing and advertising are important for attracting new tenants. You can market your rental property online or offline, but it's best to have both options available. A professional website is essential, as well as a good reputation from past tenants who have lived in your properties.
A good rental application process is also important for attracting new renters. Using a professional management company will help ensure your marketing is professional as well. Save time and money making giving your property a professional marketing upgrade.
Something that is never just a trend is your pricing strategy. You want to make sure you attract great tenants while making a profit. Do your homework and look at other comparable units near yours in Boston.
When you have a great price on your rental, tenants will know you have a quality unit or home. You'll make more each month and keep your unit occupied longer. This is where a professional marketing company will help you price correctly.
Call for Rental Property Management Help Today
The most important thing to remember is that you are in control of your rental property management and its profitability. You can manage it as much or as little as you want, but it's important to keep up with the latest trends so that you don't fall behind in any area.
PMI of Greater Boston has years of experience managing properties. From lease management to the latest marketing trends, we're here to help keep your rentals occupied. To learn more and to speak with a professional property manager at PMI of Greater Boston, fill out the contact form here.