Winston-Salem presents a unique business opportunity to property owners, attracting over 200,000 visitors per year.
People travel to the city to enjoy national sports events, attend industry conferences, and discover the many historical sites and attractions. It's also home to some of the country's most sought-after colleges and universities, including Wake Forest University, Salem College, and Carolina University.
Over 312,000 people work in Winston-Salem, with health care, manufacturing, and biotech as the city's top industries. This economic growth makes the city an ideal location for investment property portfolios.
Learn how to discover and manage rental properties for maximum profit.
Work With a Property Manager to Find Investment Properties
The best place to start is your local property management company. A property manager can help you select and manage investment properties. This journey begins with a market analysis to discover rental properties with the highest profit potential.
Property managers understand target markets and property types. Single-family homes in suburban areas are popular investment strategies but there's more. Winston-Salem's financial districts present opportunities for investing in condos, apartment buildings, and townhomes. The city is also home to college towns, with profitable opportunities in the Wake Forest area.
Property management companies partner with real estate agents to discover properties and close deals quickly.
Rental Income Optimization
Property managers save investment property owners a considerable amount of money, generating more profitable portfolios. Maintenance is the first example.
Property managers oversee all aspects, including:
- Rental property repairs
- Upgrades
- Plumbing and HVAC replacements
- Internet access
- Electrical wiring
- Interior maintenance (painting, flooring, windows, etc.)
- Exterior upgrades (siding, landscaping, etc.)
These tasks ensure the property is ready for renting. If you're renting a vacation home, a property manager will furnish the unit with fresh linens, furniture, upgraded appliances, and so forth.
Property maintenance is an integral part of the tenant experience.
It's essential for real estate marketing. Rental property listings must have quality photos of a well-maintained rental home. Curb appeal is another selling point that attracts potential renters.
A maintenance system is just as important for renters. Property management companies provide online renter portals where tenants can submit maintenance requests and expect prompt service.
Tenant Management Tips
Attracting and retaining long-term tenants is essential for any thriving investment property portfolio. You can't achieve this objective without strict tenant screening protocols.
Data points include:
- Income and employment verification
- Financial documents (bank statements, pay stubs, etc.)
- Criminal history checks
- Eviction database checks
- Past rental history review
A property manager may also conduct prospective tenant interviews and call previous landlords and tenants.
Ideally, you want tenants to remain for at least three years. Future buyers consider tenant turnover rates when buying an investment property. A high turnover rate may signal that the property is too risky.
Enjoy More Profitable Rental Properties
Make the most of Winston-Salem's industry landscape, tourism, and top-tier colleges. Work with a property management company experienced in managing lucrative rental properties. Talk to a property manager to learn more about real estate market trends, tenant placement, and more investment property strategies.
PMI of the Triad is a local real estate team experienced in asset management. We're part of the nation's fastest-growing property management franchise. Our goal is to increase your asset value year after year.
Book a consultation to learn more about our process!
