Multi-family homes in Stockbridge, Georgia make excellent investments. There are plenty of them available, and the prices remain reasonable. Investors like these sorts of properties because it’s easy to mitigate the risk and cost of vacancy. There’s money to be saved on maintenance and management costs per unit, and tenants looking for affordable rental homes tend to visit multi-family properties first.
You can maximize what you earn on a multi-family unit or an entire portfolio of multi-family properties in several different ways. Before you can increase what you’re earning, you need to know exactly where you stand.
We’re always willing to help you analyze the return you’re earning on these rental homes.
Maintaining Multi-Family Investments
Analyze your potential and your ROI with multi-family properties from the perspective of a long-term investor. It’s not easy to get rich quick with a few apartment units or a duplex. To really maximize what you earn, you need to hold your properties for a while. Work hard to preserve the condition of those investments so you can watch their value increase over time.
Preventative maintenance strategies will help you maintain the most value in your home. We know some investors want to pinch every penny and avoid maintenance unless the property is crumbling. That’s not a good strategy. Take some smart steps to improve the condition of your home. This will help you earn more now and in the future.
Respond to every maintenance request with a sense of urgency, even if it’s a simple garbage disposal reset. Keep up with annual and seasonal maintenance issues. Care for the roof, clean out the gutters, check your landscaping, and hire great vendors for pest control and HVAC servicing.
Focus on Cost Effective Improvements
When you analyze multi-family ROI, you need to consider whether your property is keeping up with others on the market. Is it modern? Does it meet the demands of current tenants?
Take a look at the parking area and ensure there is enough parking for your residents and their visitors. Common areas need to be constantly evaluated, cleaned, and updated. Laundry rooms, elevators, pools, and courtyard spaces need ongoing attention if you want to earn money on your multi-family property.
Plenty of cost effective upgrades can help you charge more rent. For example, a washer and dryer in each unit will raise your rental value and attract tenants who don’t love the idea of schlepping to a communal laundry room. Energy-efficient appliances are also good at attracting better tenants who are mindful of their carbon footprint and hoping to keep energy costs down.
Use technology to your advantage as you’re looking at your earnings and planning for how to add value to your properties. If you include free internet access or offer high-speed smart-home capabilities, you’ll be able to charge more.
Understanding the Local Stockbridge Rental Market
Before you can analyze your returns and increase your rental value, you have to understand the trends and challenges of the local rental market. The way you measure success in Stockbridge is different from the way you’d measure it in Chicago or Seattle. You need to keep your formula and your process extremely local. Get to know competing properties so you can understand how you measure up.
Think about amenities as well. If your competing multi-family properties are providing pools, game rooms, community centers, and tennis, you might think about what you can provide. There’s no need to do a complete renovation, but even installing a basketball court can help. Pay attention to landscaping and curb appeal. Power washing and painting the exterior of the building can make a difference.
If you need help analyzing what your multi-family property can earn, contact us at Fickling & Company Property Management. We’d be happy to tell you more and help you with any of your Stockbridge property management and investment goals.