Property management is the overseeing of residential, commercial and/or industrial real estate, including apartments, detached houses, condominium units, and shopping centers. It typically involves the managing of property that is owned by another party or entity. The property manager acts on behalf of the owner to preserve the value of the property while generating income.
That said, here are the ways a good property management firm may help a landlord maintain the value of the property.
1. Proactive With Rental Maintenance And Repairs:
A good property manager proactively keeps in touch with your tenants to identify any current and potential future issues. Through open communication and a good understanding of the property, tenants know that the property manager is there to help, making them happier and more likely to stay in the property.
Here are some common repairs we look out for:
- Broken or blown light bulbs that tenants can’t reach or change themselves
- Issues with kitchen appliances
- Faulty air-conditioning or heating units
- Overgrown plants, including trees close to power lines
- Broken windows
2. Maintain the Out door space
It’s not just the inside of your property that counts. Consider the condition of any outdoor spaces or the building exterior and how they might be perceived by your current tenants, or those looking at open for inspections when the property is up for rent.
Proactive property managers will advise on areas for improvement, including:
- Fixing any broken windows or railings
- Re-painting any chipped surfaces
- Ensuring lawns and gardens are well-maintained
- Adding plants to liven up outdoor spaces and make the property feel more welcoming
3. Identify Areas To Increase Value
We often suggest changes that add value to the property and benefit both landlord and tenant. These changes often include:
- Adding heating or air-conditioning
- Re-painting walls
- Installing a dishwasher
- Adding storage space, like built-in wardrobes or a shed
4. Tenant quality and screening
Most landlords have not personally reviewed a thousand credit reports and heard ten thousand sob stories about why the rent can’t be paid on time. Most property managers who’ve been around the block a few times have. This is a skill – and a good property manager will frequently have a nose for potential problems that a landlord trying to go it alone would miss.
5. Helping price rentals efficiently
Price them too high, and the vacancy rate will be unacceptable. Price them too low, and the landlord leaves money on the table. Either way you mis-price, expected revenues will drop off on either side of an optimal point on a bell curve distribution of possible rent levels.
A good property manager really can help add value to your investment property. To find out more about how our specialist team of experienced property managers can help maintain the value of your investment property, contact us today.