For small and large businesses, rental property can be one of the most lucrative investments available. Rental property, for instance, appreciates with time, and annual rent increases can be set at reasonable rates to keep up with a competitive market. That said, maintaining the condition of one or more properties can be challenging. However, focusing on the essentials can help property managers maintain property in a competitive state.
For any type of property management, the best way to maintain the property is to protect the framing. The framing consists of the underlying studs, joists, and beams. This framing cannot be easily seen, so it is important that you protect it against the following:
- termites and other pests
- water damage
- dry rot
Protection against burrowing pests requires annual inspections and treatment as necessary. Water damage and dry rot are both something that can be prevented by being proactive. Water damage, for instance, can be prevented by roof maintenance and plumbing maintenance. In terms of plumbing, you should ensure that all fittings are comprised of dielectric connectors to prevent corrosion and possible leaking.
Landscaping, of course, pertains to the appearance of a property, but you should also remember that landscaping has a functional purpose as well. For instance, watering the lawn helps keep the lawn green, but it also helps the root system of on-site trees.
Additionally, watering the grass around the perimeter of the property helps prevent the ground from drying and pulling away from the foundation. If the foundation is exposed as the soil dries and cracks around it, subsequent rainfall can pool and cause flooding. If flooding does not immediately occur, the excess water can set the scene for later rot. This is especially relevant for property management in Brisbane as the dry season can leave the soil around the foundation in ruins.
Additional landscaping that can help prevent costly future bills include burying electric lines and trimming trees that could fall during storms. Finally, by having monthly landscaping crews take care of your property, you can be sure to receive early notifications of termites, fire ants, or boring beetles that can harm your property.
From a business perspective as well as a personal one, ensuring the property has a high level of security involves the following precautions:
- security lighting
- key fobs for public entry ways
- trimmed bushes
- security cameras
As maintenance crews and other temporary personnel can present a security risk for tenants known to be away, it is important that personal information, as well as schedules, be limited to residents and property managers.
In terms of keeping your properties rented at a 95-percent rate, keeping the kitchens modernized helps attract renters looking for reliable appliances that contribute to an attractive decor.
Modernized refrigerators with a black or burnished silver finish can pique interest and lengthen waiting lists. Conversely, white appliances can often feel dated. A dated kitchen can lead to prospective renters shopping for better deals.
The most important tip to remember is that maintenance should always be proactive rather than reactive. If you are reacting to a problem, it has likely already become costly.
However, proactive inspections can help you save money. For instance, inspections can be something security teams take care of. In doing so, they help to ensure the safety of residents as well as the property.
In the interest of being proactive, screening renters for past issues can ensure that you do not welcome problems onto the property. Many times, maintenance is required to fix something tenants break. For instance, proper screening can help prevent drunken parties or vandalism.
Screening applicants should take into consideration the following items.
- criminal records
- past-due utility payments
- rental history
Finally, in reviewing any application, you should consider the applicant’s haste. For instance, an applicant that requires an apartment or office immediately might be fleeing from current problems. In comparison, a responsible tenant will be able to work according to a normal schedule that involves moving out of current residences or offices in a timely manner and providing appropriate referrals.