Are you searching for ways to increase the ROI from your Miami Rental Property? If so, you’ve come to the right place!

Every owner invests in a rental property for one reason and that reason is profit. Sadly, many owners see their ROI get sucked away every year due to a variety of poor business decisions.

Thankfully, you can increase the return on investment from your Miami Florida rental property by following these tips.

Tip #1 – Don’t Just Look at Rent Potential When Analyzing an Investment Property

Although the amount that you can rent a property for is important when considering an investment property in Miami, you should also be looking at other criteria like location, amenities, the local jobs market, area safety and what people are saying about the neighborhood online.

Following these tips is important because, you may able to purchase what looks like a great rental property on paper but if it’s in an area that’s economically depressed, as poor amenities or nothing of interest to renters is nearby, you’re going to have a difficult time renting that property.

Tip #2 – Shop Around for The Best Landlord Insurance Rates

When shopping for landlord insurance, don’t make the mistake of staying with just one company because you have a “relationship” with them, you should be focused on getting the best insurance policy that also offers the most affordable rate.

Tip #3 – Look for Off-Market Investment Properties

You may be fond of looking on websites like Realtor.com and Zillow.com for investment properties but are you also looking for investment properties that may be off-market as well?

This is an important tip because many times it’s easier to find great investment properties by approaching owners directly than waiting for them to show up on Zillow and facing the daunting prospect of bidding against other investors for the property you’re interested in buying.

Besides the tips we mentioned in this article, another important thing you can do to increase the ROI from your investment properties is to hire a property manager.

A Miami property management company will save you the time, money and hassle of managing your rentals yourself. With more time on your hands, you will be able to consistently review your rentals to make sure that they are earning the most profits possible.

Contact Miami Property Management, LLC

To learn more about the property management services we can offer you contact us today by calling (305) 428-3904 or click here to connect with us online.