When you own an investment
property, your goal is to get the highest monthly rental with the lowest vacancy
rate. How can you pull it all together?
It pays to keep your property in good condition
while you are trying to rent it, as well as after the new tenants move in. You
obviously want the property to look its best when it is being shown. If you work
to keep it that way, your tenants are likely to stay around. When something
needs to be repaired, be sure the tenants know whom to call to get the job done.
Arrange for periodic inspections of the property to check for leaking roofs or
pipes, defective wiring or malfunctioning appliances. If you are an absentee
landlord, it makes sense to hire professionals to keep a close eye on your
investment for you.