There are so many benefits to hiring a reputable, experienced property management company to take care of your property. One of the biggest advantages provided for property owners is the potential to increase the value of the property with the help of knowledgeable professionals looking after it. When your property is managed the right way; repairs, upgrades, and home improvements are carefully supervised and done on a regular basis. Apart from maintaining the condition of the property, this will keep the property’s value increasing over time and allow you to utilize higher rental rates for the added value that you are providing your tenant which your other competitors are not.
Ensuring the Property is maintained
Even if a maintenance request might seem like a small issue, experienced property managers know it can quickly escalate to a much bigger problem. By addressing these issues promptly and professionally, further damage to the property can be avoided. A clean, well-maintained rental property will always hold more value than a property that has noticeable damage or has been patched up poorly. Property managers will ensure all repairs are completed in a timely manner by qualified professionals, helping to increase the property’s value in the long run& improve overall client retention efforts.
With a professional property manager watching your property full-time, it’s much easier to catch a potentially harmful situation that could negatively affect the value of the property. When tenants sign a lease, property managers are careful to include specifics in the contract of what a tenant can or can’t do while occupying the unit. The property manager will make sure these rules are followed with scheduled, routine site inspections. Some multi-family properties or communities choose to form homeowners associations, or HOAs, to maintain a general standard for how the units should look and be maintained. With these standards in place, violations are documented and penalties are enforced by the property manager to maintain the value& allure of the property at all times.
Managing Upgrades and Improvement Projects
The fastest way to add value to any property is by making upgrades and improvements to the existing structure. These projects can often be complex and there may be multiple moving parts taking place at the same time. Because of this, landlords will sometimes avoid making these upgrades because it might seem too time consuming or complicated for them to handle on their own. This is where it’s especially advantageous to have a good property management company that can take charge of these projects. Not only will an experienced property manager be able to oversee the upgrades, but they should also be well-versed in this process and often times have professional relationships with contractors or service companies that will help you save on the expenses that accompany the project.
Examples of improvements that can be done periodically to increase property value include installing better countertops, replacing old appliances, putting in new flooring, and increasing storage space or privacy. Bigger projects, like replacing the roof of a property, installing an HVAC system, or plumbing services, will also add value to the property, but do not need to be done as frequently. When these upgrades are done consistently, the property maintains a modern, clean appearance and practical functionality that will boost the property’s overall value. Without these upgrades, the aging property’s value will decrease, making it more difficult to attract or keep the highest quality, qualified tenants.
Providing a Point of Contact for Tenants
One of the many reasons to hire a property manager is to simplify the communication process between the landlord and the tenants. Property management companies will put systems in place that allow tenants to easily communicate requests, suggestions, or complaints to the landlord in an organized and effective way. Not only does this allow tenants to easily notify the landlord of damage or a need for repairs, it gives landlords the opportunity to show their professionalism and efficiency by responding to these requests quickly through their property manager. By having open communication with tenants and fixing repairs promptly after they’re reported, property managers help maintain the value of the property by preventing additional substantial damage.
Another way property managers can improve property value is by keeping the tenants satisfied. By being responsive and providing a way for them to share their thoughts or make suggestions, current occupants of the property are more likely to stay in the rental for a longer period of time. This is particularly important if you have quality tenants who always pay their rent on time, do not misuse or cause damage to the property, & are generally ideal occupants. The more a tenant personally cares for their rental, the better condition the property remains in, which typically leads to increased rental value for your property. If you happen to lose a tenant because of a miscommunication or a failure to address concerns, your next occupant could potentially be more hazardous or careless with your property. Having a property manager watching after your rental property can go a long way in preventing these types of situations from occurring.
Return on Your Investment
Professional property management companies know that a return on your property investment is the most important part of leasing out your space. Property managers have the expertise, resources, and relevant industry connections to help increase property value by keeping everything updated, preventing extensive damage with timely repairs, and improving the appearance and functionality of your property. The experts at Black & Cherry Real Estate Group & Property Management professionals understand how to use these strategies to increase the value of a property, all while being mindful of the owner’s budget and cash-flow. Contact the Black & Cherry Property Management team today to learn more about how we can help you with managing your rental property.
