About 70% of the 19.95 million rental properties in the US are owned by individual investors. Are you ready to become one of them? Congratulations!
With a plan and the right resources, you can become a successful real estate investor in Phoenix. Without help, however, you may need landlord rescue services sooner than expected.
Thrive in the Phoenix real estate market! Read on for the tips you need to protect your rental properties.
Know the Phoenix Real Estate Market
Before buying real estate in Phoenix, explore the area. Every local market is in a different state of the housing cycle. You may find an area that's in a state of expansion (meaning construction is low and properties are affordable).
Consider consulting a property management company or realtor. An expert will help you find the best Phoenix neighborhoods based on your needs. These neighborhoods have:
- Access to medical care
- Family-friendly options nearby
- Great school districts
- Low crime rates
- Access to shops, venues, and restaurants
- Access to public transportation
- Good walkability
- Parks or leisure options nearby
However, these offerings can create a high housing demand. It's important to jump on an opportunity before they're gone. Working with an expert will ensure you find rental properties that meet your needs.
Exploring each market will allow you to pick and choose. If a property doesn't check all your boxes, you can make upgrades to improve its return on investment.
Start Automating Processes
As a property owner and landlord, you'll need to juggle multiple responsibilities. Work smarter, not harder, by relying on property management software. The global industry could grow by over 8% as more owners rely on these platforms.
Choose a platform that can help you with:
- Tenant tracking
- Integrated banking
- Online maintenance scheduling/tracking
- Online document storage/sharing
- Electronic lease agreements
- Financial reporting
- Accounting capabilities
Consult your property management company. They'll help you find a platform that meets your needs.
Request Property Management Services
The most successful property managers don't handle everything alone. Instead, they outsource. Consider hiring an experienced property management company.
Their understanding of the Phoenix real estate market will give you a competitive advantage. They can help with:
- Tenant screening
- Lease management
- Marketing
- Accounting
- Evictions
- Maintenance and repairs
With their help, you can maximize your earning potential. They'll help you maintain your beautiful investment property over time.
Prepare an Emergency Fund
Start preparing an emergency fund before you need it. You never know when you'll need to pay for:
- Inspections
- Maintenance and repairs
- Legal services
Creating an emergency fund will give you peace of mind. Consult an expert for tax planning purposes.
Thrive as a Real Estate Investor
Buying real estate in Phoenix can feel daunting if you don't have help. If you want to become a successful real estate investor, consult a property manager. An experienced property management company can ensure your long-term success.
Real Property Management Phoenix Valley utilizes years of experience and expertise to remove the burden on investors. We have over 25 years of experience managing over 2,000 properties valleywide. As seasoned landlords ourselves, we understand the challenges and intricacies you're facing.
Leveraging our years of experience to maximize your earning potential. Contact us today for our property management services.
