Are You Managing Your Investment or Simply Collecting Rent?
The decision to invest in property management ventures is often seen as a way to build a cushion for the future. Whether you assume a dual-role of owner/manager, or hire a property management company successfully managing your assets ensures the property lives up to your expectations financially.
Here are a few tips to increase your properties “showability” and ultimately your bottom line;
Make it Spotless and Bright
Often overlooked details can detract form the beauty of your properties. Over time, ignoring dirt and grime could become a big and costly repair job.
-Spray off the exterior of the home including walkways;
-If the front door is cracked, sanded down the cracked areas and put on a fresh coat of paint;
-A few fresh flowers in the yard and clean well maintained landscaping is a must;
-Thoroughly clean all vent covers, switch plates and interior air flow grills;
-Replace dented, rusted and poorly fitting covers;
-Inspect light fixtures and fittings for damage and make sure they all match;
-Examine cabinet interiors and built-ins for paint spray. Remove or replace peeling shelf liners;
-Clean window panes (inside and out) to allow ample sunlight to floor the interior space;
-Make sure the grout is clean if there is tile in any areas of the home;
-Make sure all appliances are clean and stainless steel appliances are shining;
-If baseboards are scuffed bring out your paint brush and touch up when needed;
-Adjust doors; clean sliding doors and window mechanisms to ensure property closure and easy operations
Showing an immaculate, beautiful unit creates an excellent first impression. Be sure to document the properties condition and take photos. When I do my Move-in and Move-out walk through I often take 150 photos or more and note all details. This ultimately protects the tenants and your asset. It also sets a tone of quality and what is expected of the tenant while they live in the property and when they vacate. Be sure to also discuss your expectations with the tenant, landscaping contractors and cleaning staff. This way your tenant will know what to expect and your landscaping contractor can be a second set of eyes.
You will want to at least visit the property annually to verify the current condition, but I recommend semi-annual inspections. This also allows you to take care of any semi-annual preparation for season changes.
Partner with Excellence
Choosing the right partners is essential for proactive management. The cheapest tool isn’t always the best. Look for partnerships that add value to your property to maximize your cushion for the future.