Property investors know that the value of a property has an impact on how much rent they can charge. Maintaining and improving property value ensures higher rent potential during ownership and a larger return when selling a property. Property managers act on behalf of the owner to maintain the value of a property while it’s generating rental income.
Property management includes a wide range of responsibilities and many of them relate to maintaining the value of the property, such as finding high-quality tenants, responding to tenant’s complaints, and doing regular maintenance. Here are some of the ways property management services help to maintain property value.
Property management services screen tenants thoroughly and will often pick up red flags that property owners may miss. They have the resources to screen tenants that landlords may not have and the experience to identify any potential issues.
Screening tenants involves doing credit, background, and reference checks. Bank statements, references from previous landlords, and proof of income are some of the documents tenants must provide. Landlords would rather work with a tenant who pays on time than take a chance on a tenant who might have a history of late payments.
Bad tenants can cause significant damage to property and using property management services can help landlords to get the best tenants. Good tenants will pay their rent on time and treat a property as though it is their own. Burkholder, Corvias, TMC, and Everest offer Toledo personalized property management services, and its screening processes will make sure they only place the best tenants in Toledo in a home.
Walk-through property inspections
Property management services will inspect the property from decor to the garden before tenants move in to make sure it is ready. They will usually offer a report detailing if a home is ready to rent or needs some repairs related to the health and safety of tenants, such as broken railings or appliances that aren’t working properly. They may also make suggestions for other repairs that could help a home rent faster or for more money. For example, they may suggest painting the exterior of the home or cutting the lawn.
Property management services will also conduct a walk-through inspection when tenants move out. If they cause any damage beyond regular ‘wear and tear,’ they will deduct it from the security deposit.
Regular property inspections and maintenance
Property management services also conduct regular inspections while tenants are in residence. This enables them to pick up any issues that could cause serious damage at a later stage. Sometimes tenants may be unaware of certain problems, such as loose porcelain tiles on a roof. Fixing the loose tiles could prevent having to do major repairs down the line due to water leakage. Prioritizing preventative maintenance keeps properties from deteriorating so they don’t depreciate in value over time.
Regular checking of major property assets
Property management services usually have a written maintenance schedule and keep detailed documentation about any repairs they perform. Regular property maintenance will also include things like servicing and repairing HVAC systems.
Regular checking of major property assets such as HVAC units ensures that costly equipment continues to operate optimally. This can reduce costly monthly bills and help equipment to last longer. At some point, a landlord may receive advice that upgrading a particular appliance may be the more cost-effective long-term option as it is no longer operating optimally and is not really worth fixing.
Using licensed contractors for repairs
Property managers keep communication lines open with tenants and they often have access 24/7 to call in a service request. Tenants can report issues such as faulty appliances, leaks and other issues.
Property management companies usually have a network of licensed, insured contractors who are trustworthy and offer good work at the best prices. When tenants get a quick response to complaints, they are more likely to stay in a rental property for longer.
Outdoor space maintenance
It isn’t only the inside of a property that counts. The outside of the property is the first thing potential tenants or prospective buyers see. Maintaining the lawn and garden and doing all outdoor tasks, such as cleaning gutters or trimming branches, is essential. Not doing these tasks can result in issues like water damage or branches falling onto the roof of the house and damaging it. Using property management services ensures all outdoor tasks are done regularly to maintain the appearance of the property.
Not ensuring that the property’s interior and exterior are well-maintained means the resale value of the property can suffer over the long term. This also leads to increased maintenance cost in the long term. Property managers often offer yard maintenance, gutter management and other tasks as options landlords can add to management agreements. When a property is well-maintained by property managers, it will retain its market value.