Brokers International Property Management knows that investing in rental property can be a great way to generate passive income. However, just purchasing a rental property with excellent profit potential is not enough to ensure that you maximize your profits. You need to take certain steps that veteran landlords have used to make the most of their investment properties.

One of the most important things you can do is to give tenants the amenities they want. When it comes to evaluating individual properties, amenities are often a key criterion for prospective renters. Upgrades such as replacing worn carpet with hardwood flooring, modernizing countertops and cabinets, adding more storage, or letting tenants choose paint for an “accent wall” can go a long way in keeping vacancies low while marketing your property to an affluent demographic.

Another crucial factor is choosing and retaining the right tenants. Properly interviewing and screening each potential renter is the next step in maximizing your property’s ROI. Finding a tenant who you can envision renting to long-term is the best-case scenario. Look for a tenant history of stability, whether in the form of multiple years at the same job or long-term stays at former residences.

Finally, it’s essential to keep up with maintenance. Keeping your property in good shape not only inspires renters to want to stay put, but it ultimately saves you money by preventing major maintenance disasters. Many landlords choose to use property management companies to handle routine upkeep, which can range from performing regular inspections of major household systems, to replacing furnace filters, to winterizing pipes and outside spigots, to responding to tenants’ service requests.

At Brokers International Property Management, we know that successful rental property ownership requires attention to detail and a focus on tenant satisfaction. That’s why we offer a comprehensive suite of property management services designed to help you maximize your profits while minimizing your stress. From tenant screening to routine maintenance, we take care of it all so you can sit back and enjoy the benefits of your investment property. Contact us today to learn more about our property management services.