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Property management tips for a competitive market
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Don’t avoid maintenance issues. Small things can turn in bigger and costlier problems.
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Consistent upkeep will foster a positive and lucrative rental experience for both the tenant and landlord/property manager.
Diligent Maintenance
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Stay competitive with the rental market with cost-effective improvements and modifications.
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Not all capital expenses have to be huge dollar spends. Simply adding decorative hardware or light fixtures can translate to more demand and higher rents.
Eye for improvement
Clear, concise, and consistant communication
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The relationship between tenant and landlord/property manager can often dictate the path of future conflict and resolution.
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Most landlord/tenant conflicts can be resolved with respectful communication, without the need of costly attorney or court fees.
Keep your property "Ready to Sell"
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A good rule of thumb is to always keep your property “listing ready” in terms of appearance and it’s financial health.
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This means you won’t have to scramble to make improvements or lease changes when the time comes to go to market.
Finger on the pulse of the rental market
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Knowing the nuanced sub-markets of your city is your biggest tool in the bag when determining your rents.
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It’s imperative to adjust in a nimble manner in “down” markets. Know the importance of toggling the price vs. stubbornly advertising for 45 days.
Low vacancy rate, great! Or not?!
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Low vacancy rates can often indicate the current rents are not pushing the market. This can lead to an under-performing property.
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Depending on the property size and type, vacancy should hover around 3%-6%. Less than that, and it could be an indication that rents are too low.
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