A good property management team can make all the difference, from property maintenance to securing unoccupied buildings. Many landlords and property owners are trying to cut corners and find ways to save money, but one area that should not be cut is property management. A well maintained and groomed property can be the key to attracting and keeping quality tenants. The look and appeal of a property will often stick in a prospective tenant's mind from the jump start.
Property management can start from inspecting, cleaning, and securing a vacant unit to a whole building. More often than not, simply cleaning a space can make a world of a difference. Skip remodeling or making large improvements to the space because you never know what that future tenant will need or request, but a good thorough cleaning is a must. In the winter months, keeping the parking areas and sidewalks clear of ice and snow will be important. There is nothing like having a showing with a prospective tenant and trying to ensure the client that the snow and ice will not be a problem once they occupy space at the property.
Once a space is properly presented and selected by a tenant, the property manager now becomes the main contact for that tenant. Whether it's emergencies or simple tenant questions, timing of a property manager's response is critical. A poor experience for a tenant during the lease term can ruin any chances for a renewal at the expiration of the lease. This too can taint the reputation of the property for future tenants. A good property manager will have a database of contractors that offer extremely competitive rates for their service and this directly relates to operating expenses for a property. Keeping operating expenses low will be beneficial to both the tenant and the property owner. Without a solid database, one can find themselves settling for a high price for a service performed during an emergency.
Many property owners have other responsibilities and therefore they rely on their property managers to keep their properties looking beautiful, functioning properly, and keeping existing tenants happy. Having a well maintained property, low operating expenses for the property relative to its market, and offering competitive lease rates will provide a landlord or property owner with an edge in this difficult market. If you look at many of the property owners needing to sell or needing to sell at a price higher than investors will pay for their property, you will find a property that is mismanaged and in desperate need of some TLC.