How to keep your rental property profitable

So you’ve got a rental property. First, let us tell you: You’ve made a smart choice. Investing in real estate can be one of the best ways to build sustainable wealth. Second, let us ask you: 

How is it going so far? 

If the answer is “lousy,” you’re not the first property owner to feel that way. The fact is, owning and managing a rental property can feel like a full-time job, not a source of passive income. How do you find reliable tenants? Once you have them, how do you dedicate enough time and energy to make sure they’re happy with your property? How do you handle the inevitable tricky situations without getting emotional? How do you manage maintenance issues, and troubleshoot property problems as they arise? 

And what’s more—how do you make enough money to make the whole thing worth it? 

The good news is that there’s a better way to run your rental property—and we’re going to tell you how it’s done. Ready? Here’s the secret: 

Successful property investors don’t manage their properties themselves. They hire an experienced team to do it for them. 

Get professional help managing tenant relationships

How do you deal with tricky tenants? Unless you’re an experienced manager-type or counselor, chances are you feel a little out of your comfort zone wrangling renters that require a lot of high-touch interaction. And even if you’re comfortable with the constant communication, your rental property is supposed to build your wealth, not drain your mental resources.

The fact is, humans are complicated. And as a rental property owner, you are providing people with the most basic human need: a safe, comfortable place to live. Even the most laid-back tenants can quickly become anxious and demanding about anything that concerns the place they call home—and when you manage the property on your own, it’s your duty to step up and address those concerns. 

A professional property management company is the solution to maintaining a professional and pleasant relationship with the people renting your property. At Lion Rock, we take tenant communication out of your equation. When your tenants have an issue that needs resolving, they reach out to us, not to you. We’re able to provide solutions at the drop of a hat, with an established network of vendors and systems designed to make everyone’s life easier. What’s more, we have a full-time maintenance staff, available 24/7 to address tenant concerns. 

Get reliable crews on-site, fast.

Let’s dig a little deeper into the “maintenance” idea. The practical concerns that come along with rental property ownership can feel overwhelming—especially when a slow response leads to a loss of income. How do you make sure you stay on top of all the maintenance issues that might arise on your property? How do you coordinate with reliable contractors and vendors to fix the problems in a cost-effective and honest way—not just for your tenant’s sake, but for the long-term value of your building and its rental potential? 

Enter the professional property manager. They’ve got the time, the bandwidth, and (most importantly) the network of vendors to tackle practical problems as they appear, which takes the stress off your plate. At Lion Rock, we’re proud of how quickly we’re able to respond to property maintenance issues (did we mention we have a full crew on-call?). We’re also experts at efficiently driving a repair or renovation to total completion—solving your tenant’s problem quickly and getting your property back in a profitable state as quickly as possible. 

Get the financial benefits you need from your rental property.

If you’re putting extensive time and effort into managing a rental property on your own, not getting the financial payback you’re looking for is salt in the wound. Maybe you’ve got units sitting empty because you can’t find tenants. Maybe your property has issues that need fixing before anyone can move in. Or maybe you’ve discovered that your units aren’t commanding the monthly rent you need in order to feel like the whole endeavor is valuable. 

You want to relax and feel confident in your investment, and you want to be sure of its value now and in the future. A professional property manager can help. It may seem counterintuitive—yes, you’d be paying a property manager money to take over operations; how will that get you returns on investment? The truth is, a savvy, experienced manager like Lion Rock can provide invaluable advice on how to improve your returns and grow your equity. 

You need clear-cut, straight-up advice and the reassurance that owning property is worthwhile—now, and certainly in the future. At Lion Rock, we’ll explain why and present a growth plan that’s custom-tailored to your unique property and situation. We’ll help you plan, help you understand your targets, and explain what the market can support in the way of reasonable goals. We provide our clients with a full financial plan and pro forma with year-on-year growth initiatives according to rental income. Beyond the planning and analysis, we execute on those initiatives—and efficient, reliable execution makes the difference between an investment property pipe dream and realized returns. 

Professional management makes property investment worth it. 

Your rental property is worth the investment. It’s more than a building—it’s a path to building your equity. That said, they’re hard to manage on your own. The right property management partner makes all the difference, both for your immediate needs and your long-term wealth-building prospects. 

Let us show you your property’s real potential. Reach out to Lion Rock today to get a free Cost Benefit Analysis and see the difference a management partner can make.

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Experience the Lion Rock Difference

If you’re a property owner looking for expert management, or a renter in search of the best places to live in the Twin Cities, we can help.
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