Successful investors understand that one of the most reliable methods to keep the value of your rental properties growing is to set clear annual goals. This is just as accurate when it comes to property maintenance as it is for planning capital improvements or preparing to buy a new property. No matter where you are in your real estate investing business, outlining a set of New Year’s resolutions for your rental property can improve your investing goals stay on track.
Smart property maintenance resolutions begin with a thorough property evaluation. A detailed assessment of your property’s condition is necessary to set your maintenance and improvement priorities for the year to come. The age and condition of everything, from your property’s roof, gutters, and siding, to the interior paint, carpet, and appliances, should be assessed and carefully recorded.
Although most parts of your Brentwood rental property will demand regular maintenance, others may need an inspection every other year or even every few years. Acknowledging the age and condition of each part of the property can help you space out the less common or more costly to-do items, and keep your property maintenance expenses consistent over time.
Once you have ascertained which elements are in urgent need of maintenance or repair and which can endure a little longer, the next step is to set some goals for the upcoming year. It can be easy for property owners to get bogged down in the day-to-day details of property upkeep. By setting a goal to keep sight of the bigger picture, as well as perhaps hiring a property management company such as Real Property Management One, you can stay focused on the tasks that will help you reach your investing goals. Developing a long-term outlook can help you properly prioritize property maintenance and improvements, and also help you avoid unwanted disturbances.
One added resolution that can help oversee your property maintenance decisions in the upcoming year is to act on improving the return on your investment property. Maximizing profits does not require taking shortcuts or compromising on quality. However, there are things you can do to help manage maintenance costs and charge more rent. Eliminating wasteful spending is one area that often helps. But there are other, more proactive things you can do.
There are numerous relatively minor, inexpensive upgrades that you can execute to a rental property to significantly enhance its appeal and its value in the eyes of prospective tenants. Resurfacing a worn-out countertop, adding new light fixtures, or even painting the front door can add a fresh new feel to a tired or dated rental house. Before you make any improvements, however, you’ll want to know as much as you can about the rental houses in your area. By simply conducting a market analysis, you can fully understand how your rental home rivals the others and set a more accurate rental rate.
Finally, one of the most important resolutions you can make this year is to team up with a network of real estate professionals who can offer expert advice, information, and referrals for quality, affordable property services. Networking is one of the best ways to learn all you can about the industry’s best practices, not to mention to learn about new ways to maximize your property’s potential.
The old adage “it’s not what you know, it’s who you know” certainly applies in the field of real estate. By meeting new people and connecting with others whose skills complement your own, you can more confidently design an approach to property maintenance that all but ensures future success. Contact us or call us at 925-495-4953 for more information on how we can help you with your Brentwood property management journey.
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