Property Management 101 – Rental Property Brand

From a property management point of view, the brand covers the personal branding of property managers. This includes signage (office and street signs), the office, the website, listings, uniforms, brochures, window cards, and the properties they are renting.

If a home is not well presented it will reflect on the property manager and owner as well as the real estate business and will not attract desired tenants. While some homeowners understand this and keep their homes well presented, others don’t see the point.

I always suggest that our owners, when possible, stop by or visit their property at least once a year. Things like faded paint, overgrown trees, leaning fences, etc. really put off renters and your investment becomes ‘the rent’ on the street. It can also mean the difference between good tenants and not-so-desirable ones applying for your property.

Most repairs and upgrades are tax deductible and actually prevent higher maintenance costs. Your tenants will also appreciate upgrades that ensure tenants stay longer, minimizing costs and giving you security. You may also consider that tax depreciation will ensure higher tax returns on your investment.

Some internal work between tenants might also be worth considering. He may consider painting the entire property, changing the carpeting or window trim, re-tiling, or even staining the hardwood floors. All these items are really hard to do with the tenants of the house. It’s hard to predict how long someone will live in your property, and no one wants to move a large tenant for renovations. Simply doing one of these things between tenants at each move can increase your rental income.

While a good property manager will tell you about this, sometimes it’s helpful to see for yourself so you can make an informed decision about routine maintenance and future preventative or upgrade maintenance. Ask them to help you with quotes, hire dealers, arrange key collection, and even pay bills on your behalf.

I believe there are three types of maintenance on your investment property:

1. Routine Repairs: These are ordinary, wear and tear items. Routine repairs might be leaky faucets, broken air conditioners, or a garage door that won’t roll smoothly.

2. Emergency Repairs: These are unexpected and usually require immediate repair. Emergency repairs include split/bursted hot water systems, a gas leak, backed or burst pipes, or property safety.

3. Future Repairs – This is your long-term to-do list when you have the money or between tenants. Future repairs include things like carpet replacement and painting as noted above.

There is also another side to consider. Don’t spend so much that you have no income. While it’s lovely to make everyone happy, it’s still an investment, so you don’t need to do all the bells and whistles.

Did you know that you can attend a routine inspection on your property? Might be worth considering.