New Orleans is generally a difficult market, especially if you’re a new investor or an investor from out of town. It can be hard to gain traction in this constantly changing market, and if you want to earn more on your portfolio of residential real estate, there are a few things you need to do. Today, we’re sharing some real estate investing tips that can help you grow your business and your portfolio.
Explore Other Areas
Rental properties abound in New Orleans, but the Gulf South includes a lot of communities that you may be overlooking. Consider other areas, and put together a diversified portfolio of different types of homes in different neighborhoods and towns. New Orleans itself is a different animal. You can have a lot of success in New Orleans, but there is a lot to the Gulf South that provides great opportunities for investors and landlords. Be willing to think outside the box.
Work with Professionals
Make sure you’re working with a local and experienced property management company. You need to provide professional services and outstanding properties. If you want to know how to make money in property management, the secret is pretty simple: hire a good professional company. Professional managers know the market. We can be your boots on the ground, which is critical to developing and maintaining a successful real estate portfolio in the Gulf South.
Your long term investment strategy depends on knowing the market and the services you need to provide in order to be competitive. Each area of the Gulf South is different. If you’re not working with a local management company, you need to have a deep understanding of the occupancy rates, the legal requirements, and the market trends. Targeting the whole south is a great idea, but remember that the things that work in New Orleans will not necessarily work outside of New Orleans. Be an expert, or hire an expert.
If you need help with New Orleans property management, please contact us at Latter & Blum. We have the best property management software in the business, and we understand the entire Gulf South. We’d be happy to help you grow your portfolio of residential real estate.