Property management is about more than physical maintenance. A good property manager can actually preserve and improve the value of your properties. Here are a few ways that property managers increase the value of properties that you own.
Immediate Response to Issues
Major property issues can pop up at any time, including during the middle of the night. A quick response is critical to minimizing damages to your property. For instance, imagine a pipe bursts at one of your properties. With every minute that goes by, the damage extends further into the building. A quick response could mean the difference between $10,000 worth of damage and $50,000 worth of damage. Even a seemingly minor issue can become a big problem if not addressed quickly. A good property manager preserves your property value and minimizes damages through prompt and appropriate responses to any issues that may arise at any time of day or night. By suggesting and implementing improvements, they also increase the quality and value of your real estate investments over time.
The type of tenants can directly impact the quality of a property and your bottom line. Good tenants will care for a property, diligently report issues, and be pleasant neighbors that attract other good tenants. At the other extreme are tenants that will neglect and abuse properties, be difficult to deal with, and drive other tenants away from your property.
How can you screen tenants and identify the good from the bad? It’s not an exact science, but property managers have the benefit of experience. They can often employ several different methods to help you select quality tenants for your properties. This may include credit checks, references, specific application questions, social media searches, and even some intuition. Essentially, good tenants will cost you less money in repairs and will allow you to charge higher rents. Thus, tenant screening is a major way that property managers increase the value of your properties.
Other Ways that Property Managers Increase the Value of Properties
The above are just two of many ways that property managers increase the value of properties. When you hire a property manager, you gain a helpful resource. Property managers will often make recommendations on a wide range of topics and issues that help you not only boost property values but also operate more efficiently and better bottom lines. To learn more about how you may benefit from the assistance of a property manager in Massachusetts, contact us today.