Multifamily real estate investors are always on the lookout for ways to make the most of their real estate investment. This article outlines 4 innovative ways to maximize your multifamily real estate investments.
Study the demographics of the Area Where You are Buying the Property
The demographics of an area will tell you what the spending habits of people in the area really are like, what kind of people live in the area and what is the economic background of people who visit the area or live on a rental basis, all of these factors will help you ascertain what your rent rate and rent return on your investment will be.
Be flexible with Rent rates
This might seem like a suicidal thing to do, but being flexible with your rent demands is a good way to build tenant loyalty. There are certain areas where the need for housing units is never running short and then there are areas where tenants aren’t as easy to find. In the latter, you can be flexible with your rent rate, cutting it down to ensure occupancy.
Drop in a Greeting every now and Then to tenants
Courtesy is worth nothing in economic value if you start giving it way, but it will mean all of it when you start reaping rewards off it. Tenants are the life and blood of a multifamily real estate where the rent is the single most important source of earning. A simple greeting and asking them if they have a problem or two will make them feel valued and almost everyone wants to be wanted.
Keep Maintenance Contractors under Your Control
This may seem weird but delegating maintenance of your multifamily real estate investment to someone else may be a more convenient way of doing things, but it is unlikely to be profitable. At the end of the day the property belongs to the investor and they care about it like no one else does. Make sure you keep the maintenance under your control and you’ll be able to save money on third party supervisions.
