Commercial property management can seem like a daunting task, but with the right tips in hand, it can be a lot easier than you think. Here are three of our best-kept secrets to help you get started.
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1. Make Repairs While They Are Small
As a property owner, it is your responsibility to keep your property in good condition. Part of this involves making repairs as soon as they are needed. If you wait too long, the damage will only get worse and the repairs will become more expensive.
For example, a small crack in your foundation can quickly turn into a major problem if it is not repaired promptly. The same is true for a leaky roof or a loose railing. By taking care of these issues right away, you can avoid much larger problems down the road.
2. Upgrade Your Properties
Upgrading your property can be a great way to improve its value and make it more appealing to potential buyers. There are a number of ways to upgrade your property, from simple cosmetic improvements to more extensive renovations. If you’re thinking about upgrading your property, consider the following tips:
– Start with the outside: First impressions are important, so start by sprucing up the exterior of your property. This could involve power washing the siding, repainting the trim, or planting some flowers.
– Make it more energy efficient: Making your property more energy-efficient is not only good for the environment, but it can also save you money on utility bills. Some simple ways to make your property more energy-efficient include insulating the walls and ceilings, installing energy-efficient windows, and sealing any gaps or cracks.
– Update the fixtures and finishes: Outdated fixtures and finishes can make your property feel dated and unappealing. Updating things like the door handles, light fixtures, and cabinet hardware can give your property a fresh new look.
– Renovate key rooms: Renovating key rooms, like the kitchen or bathroom, can be a great way to add value to your property. Furthermore, buying the necessary materials in bulk for multiple rooms can help you reduce the cost of upgrading your property.
3. Invest in Residential Management Software
Residential management software can drastically reduce the time and hassle required for managing your property. A specialized program can offer advantages over the messy spreadsheets property managers often have to create for their needs.
MRI Software offers a residential management tool that helps create synergies in your property management.
According to MRI Software, the company’s tools will help you:
Provide an intuitive, easy-to-follow process to transform prospects into renters with online tools to search, pay deposits, and sign leases, maximize occupancy by automating the screening and inspections processes to reduce work for your staff, and access property data and inspections documentation even while offsite with web-based property management solutions.
Maximize Your Output
Effective property management involves working smarter, not harder. By leveraging the proper tools and taking preemptive action, you can boost your properties’ values and ensure they are always attractive to prospective renters and buyers.