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Property Management | Landlord Education Blog

How to Create Long-Term Stability for Your Property Management Company in Hampton Roads, VA

How to Create Long-Term Stability for Your Property Management Company in Hampton Roads, VA

Having a diversified portfolio to safeguard your personal finances is a blessing and a privilege, but having a well-managed portfolio for your business assets is critical. If the last few years taught us anything, having more cash or cash-producing assets than you think you'll need can be a lifesaver.

Cash, cash equivalents, and excess cash flow are excellent defensive assets. These assets let part of your portfolio provide more long-term stability but may sacrifice some returns, so you need a healthy balance.

Excellent portfolio management is vital to finding the optimal balance. Learn about the best portfolio management practices in this short guide.

Build a Strong Network

The sooner you can establish a strong network, the sooner your soft skills can start contributing to your business's reputation and even give that reputation real value.

Networking is essential for three reasons:

  • You learn much faster from people with more experience
  • You may get exclusive tips, insights, and favors if more prominent industry players like and respect you
  • If people trust you, they're more willing to come to your aid, give you credit, or do business with you

You can build your network by speaking directly to other landlords. You can also look at online reviews and reach out to work with real estate agents you think will make good partners.

Use the Right Software

Deploying technological solutions correctly makes your business much more productive. There are thousands of solutions available today built to help a property manager run their business.

You can get automated accounting software, outsource your HR to an online service, build tenant portals from web-based templates, and more. Because of this revolutionary front, creating a tech-savvy culture in your business is important.

Stay on Top of Real Estate Trends

You need to know where the market is going if you want to build a good long-term plan. Don't only look for holdings that are making money today. Neighborhoods with upcoming developments may give a larger ROI if you invest today and wait.

One of the most reliable market trends for this is employment data. Having housing or commercial space available to catch a booming job market is always a winning strategy.

Appoint a Financial Manager For Your Portfolio Management

If your LLC is growing faster than you ever dreamed, then you need to start thinking about recruiting a financial manager. They can help manage cash flow and keep a decent rainy-day fund.

An alternative is outsourcing this to a dedicated specialist. You can even hire a property manager to take care of your properties to allow you to focus on your portfolio.

Build an Unsinkable Portfolio

A good strategy is the foundation of a healthy portfolio. A portfolio needs assets that provide good cash flow and others that accrue value fast. It also needs a healthy amount of liquid assets for harder times.

A property management company often has more than pure strategies supporting its portfolio. Networking, technology, and good management also play crucial roles in helping the company function.

Renters Warehouse has been building portfolio management expertise since 2007. Partner with us for unbeatable portfolio management advice and more.