1. Increase Rents Strategically

• While tenants might initially resist rent increases, there are solid reasons behind this strategy. Keeping rents below market value can lead to financial strain, especially if the area becomes subject to rent control. Additionally, lower rents can limit your ability to cover maintenance costs, such as replacing a furnace. Consistent, reasonable rent increases help maintain your investment and ensure your property remains in good condition.

2. Maintain Open Communication

• Effective communication with your tenants is crucial. If you only interact with tenants when issues arise, you might miss early signs of problems. Encourage tenants to report minor issues, like a leaking dishwasher, before they become major repairs. Open communication also prevents unauthorized changes, such as unapproved painting projects.

3. Conduct Routine Site Visits

• Regular property inspections are essential for identifying maintenance issues early. While respecting tenant privacy, these visits allow you to address minor problems before they escalate and plan for future repairs. Routine visits also demonstrate your commitment to maintaining the property.



4. Stay Competitive with Market Trends

• Keep an eye on local rental market trends. Compare your property’s features and rental rates with similar properties. Staying competitive ensures you attract and retain quality tenants.

5. Utilize Professional Property Management

• Hiring a property management company can save you time, stress, and money! Professional managers handle everything from screening potential tenants, scheduling routine maintenance to emergency repairs, and ensuring your property is well-maintained and your tenants are satisfied.