Every investor’s end goal is to ensure maximum returns, and a property manager can help you achieve that and more. Whether you have a rental or are into buying and reselling, you can always benefit from a good manager. In fact, association with a property management company alone is enough to raise your property’s worth, provided the company of your choice is reputable. Here, we discuss how property managers increase the property’s worth.
There are certain factors that determine a property’s price. They include:
- Age and condition of the property
- Proximity to schools
- Local market
While these aren’t all, they are significant factors. A property manager can assess the worth of the property based on these factors and more and identify areas for improvement, helping you improve its value.
Timely Response to Issues
Another major advantage of having a property manager is that they don’t leave important issues on pending. Property management and maintenance are full-time jobs that not many owners can commit to, which can be problematic.
A leaking pipe left unattended can damage the house’s structure and even encourage mold growth in different areas. Mold growth can significantly lower the property’s value. Property managers are trained to respond to these issues and stay on top of all maintenance requirements. A well-maintained property will fetch you a higher price and higher rent, even if it is aged.
A property manager operates within the industry and interacts with other experts in the field. They are well aware of what customers are looking for and can then use their knowledge of market trends to improve the home’s value.
There was a time when laminate countertops were a very coveted addition to the kitchen, but now they have the opposite effect. Similarly, certain tile designs are also out of fashion. A property manager can help you identify the fixtures or features of the house that need an upgrade to increase its value.
Tenant Retention and Screening
A significant portion of a property manager’s efforts are dedicated to tenant retention, and there are multiple reasons for that. Not only is it more efficient as it saves a lot of time, effort, and resources spent finding a new resident, again and again, it also ensures a steady return on investment (ROI).
However, those aren’t the only reasons why managers focus on tenant retention. A property that is frequently vacated loses its appeal over time. It not only damages the property physically but also harms its market reputation, which can significantly lower its value.
An efficient property manager can be a blessing. They can take the stress of management, rent collection, maintenance, lease contracts, and more off your shoulders, giving you free time to enjoy the returns on your investment.
A smooth sailing property with trending upgrades, an efficient manager to resolve issues, and a respectable market reputation will fetch you a substantial amount of money.
These are just some of the ways how property managers increase a property’s worth, and the full extent of the benefits they provide is truly immeasurable.