Have you been working harder than ever before to manage your Stockton Rental Property?
But in spite of your hard work you still find yourself behind financially every month?
If so, this is a sign that you may have lost control of your Stockton Rental Property.
The good news is that in spite of where things may be for you now financially, you can turn things around by following these simple tips.
Tip 1 – Prepare a Budget Then Stick with It
Your rental income, especially if you own a multi-family rental property, should always cover your expenses and leave you with profit at the end of the month.
The best way to stay on track financially is to create an operating budget and then stick with that budget each month.
When creating an operating budget you should also be prepared for extra expenses including: landlord insurance and property taxes because, you don’t want to get caught off guard when additional payments are due and find yourself unable to pay them.
Tip 2 – Revise Your Leasing Strategy
Create a lease which has stronger language when it comes to late payments just so tenants know that they will receive an eviction notice when they are late paying their rent.
Tenants should not be allowed to “slide” on paying rent, because this means the tenant will know that they can always be late paying their rent later on if they want.
You should also improve your tenant screening process and take the time to choose the right tenants, instead of “warm bodies” who can pay the rent each month.
Tip 3 – Develop a New Marketing Plan
Instead of doing the same things you may have done in the past to market your Stockton Rental Property like fliers, Craigslist ads or listings on Zillow, you should develop a NEW marketing plan which will enable you to connect with renters on the websites and venues they use most often.
Creating a targeted marketing plan will help you to connect with a long term renter who will love living in your Stockton Rental Property for years to come.
To save time and money with property management contact Real Property Management Central Valley today by calling us at (800) 535-7381 or CLICK HERE.