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Tips to Grow Your Portfolio With Strong Leasing Management Practices

Tips to Grow Your Portfolio With Strong Leasing Management Practices

In Arizona, a lease agreement is only valid if it meets certain legal requirements. A rental property lease must include a written agreement, security deposit, and signatures of all involved parties.

After ensuring the validity of your Phoenix property lease agreements, you need to know how to manage them. This strategy involves screening applicants, determining fair rental prices, and regular property inspections.

Keep reading for a breakdown of leasing management best practices.

Screen Every Applicant

You can prevent tenant churn and improve your leasing management strategy with tenant screening. These services will help you grow your portfolio by ensuring you rent to quality tenants who can afford rent payments.

A comprehensive tenant screening company will offer this data:

  • Criminal history
  • Rental history
  • Employment verification
  • Credit check

Nothing guarantees your tenants will always abide by their lease agreement, but tenant screening greatly reduces your risk. Reliable tenants can reduce tenant turnover and are more likely to renew their leases.

It can be time-consuming to screen every applicant without help. A property management company will have a network of professionals, including tenant screeners, that they can outsource these tasks to.

Determine a Fair Rental Price

To have profitable rental properties within your real estate portfolio, you need to know how to price them. One of the best leasing management practices is to complete a rental analysis to determine a fair rental price.

An overpriced rental will discourage tenants from applying because they can get a similar property for a lower price. In contrast, setting your rent below market value minimizes your return on investment.

When setting the rent, consider these factors:

  • Median rent in your area
  • Tenant demographics
  • Median household income
  • Property amenities

You can increase cash flow by determining a fair asking price for rent based on comparisons with listings on the market.

Inspect the Property Regularly

Managing your leases requires a proactive maintenance plan once a tenant moves in.

Not only will completing maintenance and repairs keep you compliant, but regular property inspections can determine if tenants are abiding by their lease agreements.

To conduct routine inspections without jeopardizing a tenant's right to privacy and quiet enjoyment, let your residents know ahead of time. The required notice is at least 48 hours before the inspection.

Consider communicating with tenants further in advance to boost the tenant-landlord relationship.

If you find a breach of a lease, give the tenant time to cure the problem before beginning the legal eviction process. Hiring a property management company in Phoenix will help you stay within the law during this process.

Follow These Leasing Management Best Practices

Managing leases requires a lot of responsibilities. From tenant screening to regular property inspections, Phoenix landlords have their hands full.

If you want to reap the benefits of these leasing management best practices without the hard work, hire a property management company.

At Real Property Management Phoenix Valley, we remove the burden of leasing management with our years of expertise. We go beyond the scope of leasing to provide landlords with comprehensive management services.

It's time to start an unforgettable partnership. Contact us today to learn more about our services.