The Visto IROP credential program helps you make the most of your investment property.
An investment property can be a great source of income, but it’s not guaranteed to be profitable. Even good properties don’t always generate cash flow. To be successful you need to follow good property management practices and know where to look for information when you need it. These are the advantages the Visto Independent Rental Owner Professional (IROP) credential program gives you. IROP teaches rental owners the best practices of property management, from marketing to maintenance. It’s a great introduction to the primary considerations of operating a successful investment property:
Setting Rental Rate
One of your first steps as a landlord is to set your rent. IROP helps you identify a rate that will be high enough to cover expenses and provide cash flow while also being achievable.
Preparing a Budget
The primary costs of a rental property are fixed: mortgage payments, real estate taxes and insurance. But your budget should also include other factors like utilities, maintenance and repairs. IROP gives you a good foundation for preparing your budget and can also help you decide which property is right for you.
Learning About Applicable Laws
As a landlord, you are responsible for knowing and complying with federal and local housing laws. One compliance lawsuit could easily nullify any profitability you have earned. IROP gives you an understanding of the laws governing occupancy, discrimination and habitability.
Maintaining Your Property
Proper maintenance is important for protecting your asset and satisfying your tenants. You’ll need to take care of repairs and ongoing maintenance services like lawn care, pest control, exterior upkeep—and, of course, tenant service requests. IROP helps you determine which services you might be able to provide yourself and where to look for more specialized knowledge.
Attracting Good Tenants
Attracting good tenants is essential for keeping occupancy high and problems like late rent, property damage and nuisances low. Find out what to look for in good tenants and what actions you can take to attract them.
Marketing Your Property
The internet has made marketing both more important and more accessible for smaller business owners. Learn which features of your property you should focus on and how to market those strengths in advertisements and social media. You’ll become aware of legal violations you should avoid.
Even if you decide to contract out many of the duties involved in operating a rental property, you are ultimately responsible for how the property performs. The IROP credential program is the best way to learn how to protect your asset, achieve good cash flow and operate within the law.