The real estate market in Columbus is ripe with opportunities for investors looking to expand their portfolio to include single-family or multifamily rental properties. For new investors and existing property owners alike, the rental market presents a steady source of income and even greater opportunities to increase the property’s value through strategic efforts that boost NOI, or net operating income.
Ways to Increase a Rental Property’s Value
Unlike some investment opportunities that are left to the whims of the market, investors in real estate have at least some direct control over how their property is valued. There are actionable steps they can take to increase income and reduce expenses – and thereby boost the property’s NOI.
Whether you own single-family or multifamily properties, the steps you take to improve NOI are generally the same. Here are some key areas to focus on:
- Reducing operating expenses
- Controlling maintenance costs
- Securing and retaining good tenants
- Ensuring rent rates are in line with the market
- Auditing your income and expenses (and standardizing and streamlining fees wherever possible)
- Continually monitoring your data and adjusting as necessary
An experienced property management company can help you do all this and more. No two properties are exactly alike, but they all offer opportunities to scale back on expenses and ramp up income. To learn more about how we help property owners become increasingly successful with their investments in the Franklin County real estate market, get in touch with our team at RL Property Management today.
