By Vestpro Residential Services, LLC
As a long time Houston Texas Property Management company we can tell you without a doubt that tenant retention is one of the keys to success with owning profitable rental properties because, the longer you have your properties rented for means you will have long term cash flow from each rental property.
If you haven’t thought about what you can do to retain your tenants this article will provide you with 3 tips you can use for tenant retention.
Tip #1 – Practice the Art of Regular Communication with Your Tenants
Although you may have the best tenants in the world, you should always practice the art of regular communication with them because, regular communication with your tenants will not only show them that you care and appreciate their business, it will also encourage them to contact you should problems occur at your rental property that need to be fixed or resolved.
Tip #2 – Offer Your Tenants Incentives
Another successful Houston Texas Property Management tip that we can offer you is to consider offering your tenants incentives for doing things like paying their rent on time to reporting maintenance problems or issues to you when they occur. Some of the incentives you should consider offering your tenants include: free Wi-Fi (depending on rental property), free memberships to local health clubs and gift cards from local grocery stores.
Tip #3 – Create a Referral Program
Last of all, but most important, in the world of property management we know that if a tenant is responsible, pays their rent on time and keeps their rental clean the chances are that they have friends or family members who have similar tastes and traits so if you want to get more great tenants like the one that you currently have you should consider starting a referral program which includes paying your tenants a “bounty” when they refer people to you who may be interested in renting one or more of your rental properties.
Get Houston Texas Property Management
For Houston Texas Property Management contact Vestpro Residential Services, LLC today by calling us at (832) 498-0016 or click here to connect with us online.
By Vestrpro Residential Services, LLC
If you’re thinking about getting started with buying Houston Texas Rental Property one of the best things you can do is use the “snowball affect” to help you buy more real estate and build a successful portfolio of income producing rental property in the years to come.
Snowball Effect Explained
The “snowball” affect was coined by Berkshire Hathaway CEO Warren Buffett in his 2008 book called The Snowball which is about his life and investments which enabled him to build a network of well over $72 billion dollars.
Snowball basically refers to the principal of buying and holding onto your investment over time and then using your return on investment to invest more money to build your portfolio.
Snowball Effect in Real Estate Investing
Let’s say that you’re able to buy two Houston Texas Rental Properties and after expenses both properties will net you about $500 each per month, or an additional $12,000 of cash flow per year.
Now instead of spending that cash flow from your investments like most people will do you should consider saving the cash flow from your rental properties and within two years you will have enough money saved to put down on another Houston Texas Rental Property.
How the Snowball Effect Benefits You
One of the great things about the snowball effect is that if you follow this approach you would be able to buy a new rental property once a year, instead every two years, grow your portfolio, and have significant amount of cash flow coming in by the time you approach retirement.
Buy Houston Texas Rental Property
For more tips on buying Houston Texas Rental Property, or to speak with us about our property management services, contact Vestpro Residential Services, LLC today by clicking here or calling us at (832) 498-0016.
By Vestpro Residential Services
You’re just getting started with building your portfolio of income properties but are encountering a big problem, you don’t have enough time in the day to handle all of your tenant’s requests, and the responsibilities of owning income property, while living your own life.
What’s the solution to the problem?
You can either keep burning yourself out, or hire a Houston Property Management company to efficiently manage your income properties for you.
If you’re not sure about hiring a property management company here are three ways we will make your life a lot easier, and bring the income back when it comes to managing income property.
#1 – You’re going to Have More Time for You
Right now you’re busy dealing with tenant requests, paperwork and lots of other little tasks which can come from owning income property.
Instead continuing to perform all of the day to day responsibilities yourself, you will save time by outsourcing those tasks to Vestpro Residential Services and have more time for during the day to spend time with your family and enjoy life.
#2 – You Will Save Money
Let’s face it, each time you have to drive out to one of your properties you’re losing money.
You will begin to save money by outsourcing the day to day responsibilities of your property manage business by letting our experienced Houston Property Management company manage your income property portfolio for you.
#3 – Purchase another Income Property
With more time and money on your side you will eventually be able to purchase another income property and have confidence that all of the responsibilities which come from owning income properties like: routine maintenance, customer service and book keeping will be managed by property management professionals.
To learn more about Vestpro Residential Services contact us today by calling (832) 498-0016 or click here to contact us through our website.