Back HomeHow to Get Great Returns From Your College Station, TX Rental Property
College Station, TX is a prime location for real estate opportunities. With nearby universities like Texas A&M University and Blinn College, it’s very likely that this college town will see steady growth in the real estate scene in the near future.
Investing in a property in this area is a great first step into building up your investment portfolio. However, getting the most out of your investment is another topic altogether. Getting great returns from your apartment or condo in College Station comes down to making sure you increase profits while decreasing expenditures.
Good property management is a must for your College Station rental. It’s definitely the only way to see a sizable increase in returns. Here are a few tips to help you make the most out of your rental property:
Buy the right property
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Make sure the rental property ticks the right boxes. Not only do you need a property that people want to live in, but you also need one that doesn’t ruin your profitability because of maintenance costs, the high turnover of tenants, and an inconvenient location.
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Make sure the property is something your target market would want to live in. Since College Station is a college town, proximity to academic institutions is a big factor to the rentability of your property. It’s important to give the students, your potential renters, what they need. Security, storage, furniture and functional appliances, affordability, Wi-Fi, and a clean and safe environment are among the top concerns of students hunting for apartments.
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Make sure the property you buy has been well maintained. Not only does this attract buyers, it also makes sure you don’t spend too much money on repairs. A cheap, shabby apartment might sell for less upfront, but it might end up costing you more to fix up the place in the long run.
Raise the rent
The easiest way to get better returns is to raise the rent. In a hot market with high turnover like a college town, it’s easier to raise your rent since many of the rental periods are short enough for you to continuously raise the rent, especially when you need to spend more for maintenance over the years.
Of course, a price increase does make it harder to attract budget-strapped students. But if you keep a keen eye on the average prices around the area, you can still hike your rates while remaining competitive. Remain attuned to the changing rental rates around you and adapt as needed.
Keep maintenance and turnover costs low
While we already mentioned this, it bears repeating: maintenance costs can significantly affect your returns over time.
There are two ways to reduce maintenance costs and control turnover:
- Get a nice, new property in a convenient location
- Cultivate a great renter-tenant relationship
The latter might sound unrelated, but it makes plenty of sense. If you treat your tenants well, they’re more likely to view your rental property like it’s their own. Make sure they understand and agree to rules and regulations. Show them the premises and make them aware of the amenities on offer. Assure them that you’ll be available if they have questions or want their issues addressed.
A friendly, approachable demeanor goes a long way into making tenants stay on – or become repeat renters. While long-term renters are rare in a college town, having a tenant spend much of their college years in your property is the next best thing. If they’re happy, they may also put in a good word for you among their peers.
Hire a property manager
Property managers may, in fact, save you on costs and increase your profitability. As professionals, it’s a property manager’s business to know the market and the available resources in the area better than anyone else. Thus, they can lower your maintenance costs by hiring the most cost-efficient vendors and service providers around.
Properties that are professionally managed also tend to have better renewal rates for long-term tenants, giving you steady or increasing returns.. Lastly, property managers know the best rental rates in the area to ensure that your apartment remains competitive and profitable. They play an especially important role when you own multiple rental properties.
If you’re looking for superior property management services in College Station, TX, look no further because BHHS Property Management is the best in the business. Berkshire Hathaway HomeServices Caliber Realty is an expert in the real estate market around the College Station area and can help you significantly increase your returns. Contact Berkshire Hathaway HomeServices Caliber Realty at 979.694.8844 or sales(at)bhhscaliber(dotted)com today!
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