As it stands, about 70% of rental properties in the US are owned by individual investors.
Becoming a real estate investor can be a great way to generate income as long as you're doing things right. Over time, building up a real estate portfolio will allow you to increase your profits significantly.
You should note, however, that the more properties you own, the more complex your property portfolio will become. You need to stay on top of things if you want to have true success.
In this guide, we'll cover three key real estate portfolio management tips to help you keep things in order. Keep reading for more.
1. Determine Your Real Estate Portfolio Goals
One of the most important things you need to do early on determines what your real estate portfolio goals are. There are plenty of different options when it comes to Atlanta real estate, and having goals in place will help you make the right decisions.
For some, obtaining several long-term rental properties is the goal. These will provide a reliable source of income that could finance you for a long time.
Others like to buy properties with the intention of renovating and flipping them. This can involve a lot of work, but you stand to make significant profits when going down this path.
Do your research so you know what different strategies involve and what you'll get out of them. Once you know where you're going, you'll be able to lay out a plan of how you'll get there.
2. Improve Your Maintenance Regime
If you have multiple rental properties, one of the most important things you need to do is keep them in good shape. Having a solid maintenance schedule in place is vital for this.
Rental properties must meet certain standards. You have to make sure any that you own are in a suitable state, and you should have regular property inspections to confirm this. If any of your properties have issues, it's your responsibility to get things sorted as soon as possible.
Property maintenance is no small task, and unless you're very experienced, you'll probably struggle here. A skilled property manager will be able to help you a lot as they know what's required.
3. Look Into Real Estate Portfolio Management
Property investment takes a lot more work than people realize. Owning multiple properties may be a great way to earn money, but the more you own, the more you'll struggle to keep up with everything.
Hiring a professional property management company is the best way to make sure your investment portfolio is always in order. Property managers can handle all kinds of tasks, such as maintenance, tenant screening, rent collection, marketing, and more. You can then relax and simply enjoy the profits as they roll in.
The Right Property Management Company for You
If you need any assistance with portfolio management, finding the right property management company will have a huge impact. PMI Georgia is a full-service real estate asset management company that can help you with any real estate that you own. Check out our property management services page to find out more.