Buying a rental property is as a long-term investment, so it’s imperative that it holds its value over time. Every real estate investment property will experience some normal wear and tear, but it's important to keep it in top condition and prevent any major issues that could be detrimental to the property. There are a few key ways to help you preserve your property value, including proactive maintenance and repairs, having qualified, responsible tenants and strategic property improvements.
Preserving Property Value Through Maintenance and Repairs
A property’s value is heavily dependent on the overall condition of the property, so it’s important to take a proactive approach to maintaining your property. Being proactive, rather than reactive, can save you time and money by identifying potential problems before they happen. You can do this by creating checklists of key items to monitor and performing regular property inspections.
Once an issue has been identified, it’s important to promptly have it resolved by a trained professional. Having trusted contractors and maintenance personnel to take care of any property damage or maintenance issues will help keep your property in good repair. It can be beneficial to work with a property manager as they have their own reliable contractors and maintenance teams. A property manager can also help you keep up with property inspections and any tenant maintenance requests to ensure they are dealt with efficiently.
Preserving Property Value Through Trusted Tenants
It is important to properly and thoroughly screen any potential tenants during the application process. Your goal when placing tenants in your property is to have responsible tenants that will take good care of your investment. In some unfortunate circumstances, landlords have experienced the stress of tenant-caused damage to the property which leads to expensive repairs and long landlord-tenant-board (LTB) hearings. This is why it’s so crucial to thoroughly screen your tenants to weed out any potential problem tenants before they move in.
Once you have tenants living in your rental property, you need to maintain clear communication with them so that they can update you with any property damage or maintenance issues. Damage happens, so staying up to date with what’s happening at your property will allow you to quickly fix any problems before they become worse. Making sure that your tenants have a way to reach you in case of emergency maintenance situations is necessary. You may want to enlist a property manager to ensure your tenants have a dedicated contact in these situations. A property manager can answer their requests promptly and dispatch maintenance personnel.
Maximizing Property Value Through Strategic Improvements
Not only do you want your property to maintain its value over time, it’s also important to find ways to increase its value. The hope with any investment is that it nets you a profit at the end of the day, and properties are no different. One of the best ways to improve your property value is through strategic property improvements. This can take the shape of renovating older or distressed properties, or adding upgrades to an already well-maintained property. The key when investing in property improvements is to be strategic about it. Spending money on the wrong renovation or upgrade will not add any value to your property, so it’s important to do your research beforehand.
Consider your ideal tenant — who are they? A single working professional may have very different needs than a young family. By understanding what amenities or upgrades your ideal tenant would want most, you can strategically invest your money to add value to your rental property. Things like additional parking, landscaping, in-suite laundry or modern appliances can all help add value to your rental property. Consulting with an experienced property manager can help you determine which improvements are worth investing in to maximize your property’s value. Their intimate knowledge of the local real estate market is an asset when improving your property to appeal to potential tenants.
Preserving and Increasing Property Value With Reliable Property Management
Enlisting the help of a professional property management company is one of the best ways to preserve and increase the value of your rental property. There are a number of ways that they can help maintain property value such as proactive maintenance, tenant management and strategic improvements. Having a dedicated professional to delegate these tasks to, while drawing upon their expertise in the real estate market is a huge asset for any property owner.
So much of a property’s value is determined by how the property is cared for day to day. Having a trusted partner to oversee daily operations will help you keep your property in good repair, as well as keep you up to date with what’s happening with your tenants. When it comes time to make improvements, they can pinpoint exactly what to invest your money in to ensure you get the best ROI. Managing your property is a big time commitment, so making sure you have a good property manager on your team is crucial.
Discover How DORE Can Help You Maximize the Value of Your Property
A well-cared for property is one that maintains its value over time. Prioritizing the maintenance of your property and building positive relationships with your tenants now can save you time and money down the road. As a busy property owner, you can appreciate the value of delegating these responsibilities to a property manager you can trust. DORE offers the support you need to make property management simple and easy, all while protecting the value of your investment. Get a quote on our property management services today!