So you're ready to invest in real estate or expand your portfolio in Florida. Where do you look?
Orlando's real estate market shows quite a bit of promise for 2024. With lowering interest rates and an uptick in construction, there will soon be a lot of properties on the market.
Real estate asset management is one of the keys to ensuring your real estate portfolio is making you the most money in the Orlando area. Read on to learn how to increase your property value.
Track Real Estate Market Trends
If you flip houses or you only want to hold properties for a short time, you need to make sure you make a profit. Real estate market trends will let you know whether it's the right time to sell.
For example, if housing prices dip for a while, you should hold on to your property until you can attain a wider profit margin when you sell.
Evaluate how hot the housing market in Orlando appears. Even if home prices are up slightly, there may be bidding wars and competition for homes, which could skyrocket the final offers you receive.
Factor in Operational Costs
You also need to make sure you factor in the costs of managing your real estate investments. Working with a property management company can save you a lot in the long run, but you still have to compensate them.
Paying for things like background checks, online tenant portals, and other fees can add up. Evaluate your finances regularly to see if you are still in the black, and where you can improve.
Stay on Top of Maintenance
Check your properties often to catch small problems that could turn into costly issues. Maintenance requests from tenants should be taken seriously as well.
If you nip the problems in the bud, you will save a lot of money later on. For example, if your roof has a few spots that could be reinforced, fixing them will save you from having to get a new roof for potentially several years.
Don't put the onus on tenants to ensure maintenance responsibilities are fulfilled.
Expand Your Real Estate Portfolio
The best way to make more money in real estate is to spend more, but wisely. When you see a property that looks like a good deal, jump on it if you have the resources.
You can work with your property management company to evaluate whether you're in a good financial position to add more real estate assets.
Excel at Real Estate Investment Management
Whether you're new to real estate asset management or you're acquiring more properties, you should be educated on how best to handle your portfolio. With this guide, you can find a method that works for your unique situation.
Are you interested in real estate investment in the Orlando area? Verandah Properties is here to help.
Our experience and qualifications allow us to partner with you for every step of the property management process. Contact us today, give us a call, or visit our office in person to get started.