8 Property Management Tips to Increase Value
Don’t you just love investing in properties? Besides having a secured money source in the future, it’s also a great way to start your management career.
However, one downside of owning a property is the risk of decreasing its value over time. To avoid this, you should do your best to manage your property. When that happens, you can either increase the property value or get the capital you’ve invested.
If you want to find out how to increase the value of your property, check the list below!
1. Regular maintenance and inspections
Performing regular property maintenance and inspection lessens the risk of having problems in the future. If you’re renting out your property, you should listen to what your tenants are saying in terms of the problems in the area.
On the other hand, if no one’s utilising the property yet, you can hire someone who can maintain the place. Nowadays, various property management companies can deal with everything you need when inspecting the place.
Additionally, you don’t have to spend too much time and effort making sure your property is well-maintained.
2. Select trustworthy tenants and keep open communication
If you’re just planning to rent your property out, tenant selection is the most vital part of maintaining or increasing the value of the property. If you happen to pick someone who doesn’t know how to appreciate the place, you might end up with many damages and clutter. On the other hand, when you pick a reliable tenant, they can take good care of your property
Hiring real estate agents or property managers can help you with the screening process of possible tenants. Once you find a tenant, keep an open communication with them. That way, they can update you about the status of the property and other matters.
3. Enhance attractiveness
Although, it’s sometimes a misconception to judge a property on the outside, enhancing its appearance can attract more tenants. Keeping the landscape clean, adding some fresh paint, planting flowers, and clutter-free pathways can help a lot in the future.
In addition, if the curb appeal is excellent, it can add points to increase the property value.
4. Stay updated on market trends
The real estate market can be volatile. And if you want to keep up with the pricing, you should also be updated on the market trends. You can either do research often or ask local real estate agents.
If you’re always updated on the current trends, it’s easier to make an informed decision when it comes to anything related to your property.
5. Opt for energy-efficient options
Aside from regular maintenance and upgrades, choosing smart options can also help in keeping the property in good condition. Some of these energy-efficient options are listed below:
- Proper insulation
- Huge windows
- LED lights
- Smart appliances
- Solar panels
In addition, you can also create a reusing system in terms of water, and prepare trash bins for recyclables and non-recyclables.
6. Regular upgrades
Although regular maintenance is a huge help in terms of adding value to the property, you should also have some upgrades from time to time. Once you’re updated with the latest market trends, try to implement them in your property which can impact its value in the long run.
However, when upgrading your place, you should also choose wisely. If you often change things without knowing their future effects, they might not yield the value increase as expected. To avoid this, choose the upgrades that are timeless or can still be appreciated in the future.
Moreover, try to maintain the style of the whole property, instead of having various contrasts.
7. Manage your finances
Renting out the place is ideal, especially since you also need funds for maintenance and upgrades. However, having a regular source of money from renting out the place doesn’t mean it’s helpful.
When you often have repairs or upgrades, the money you’ve acquired from the rent might be less than what you spend. This is why you should manage your finances efficiently, and ensure that the investment remains profitable. If it’s not, the goal of adding value in the long run, might not be enough anymore.
8. Know the laws and regulations
As a property owner, there are local and state regulations you should follow. For instance, before renting the property out, there are certain requirements you need to fulfil first, otherwise, you might face legal issues.
Moreover, the status of the invetsment should adhere to the standards of habitability to avoid accidents and potential liabilities. You should also know that it’s not a one-time thing. Other permits should be renewed regularly so that you can keep your business open. And if you don’t renew them, there are consequences, and you might no longer be able to run your business again.
Managing property to maintain or increase its value can be complicated. But once you get to know the basics and keep yourself updated with the real estate market, it’s easier to achieve your goal.
We hope this article helps you get started with the proper maintenance of your investment. If you want to add more tips, don’t hesitate to leave a comment below!
ABOUT THE AUTHOR
Aliana Baraquio is a web content writer working for Bennett Property, a family-owned company offering a full range of property services, including Sales, Leasing, and Development in Sydney’s Northwest. As a writer, she is passionate about providing good quality articles to help readers make the right choice.