When it comes to keeping your rental property value high but you are not in the area, it can get tricky since you just don’t have all that much control over the situation. Or do you? Here, we are going to help you with a couple of tips on this topic, so that you don’t have to worry about your property value as much – there are steps to be taken to keep the value high.
Maintenance is crucial! And we’re not just talking about you making sure that the property is “good enough”. It should be as good as possible. Not only does a well-maintained property keep your tenants deciding to stay in the property, but if the property is vacant, it has a much higher chance to get rented when it is polished than if it was just “meh”. On that note, since you are not near the property and can’t just come in and check out what needs to be done, it would be best if you just scheduled the maintenance in advance, making it a routine checkup basically. So, for instance, you won’t need to buy a new AC system because your tenants realized something is wrong with it when it’s already too late to repair it. It will maybe be a bit more costly in the beginning, having routine maintenance, but trust us – it will save you a lot of money long term.
The best way to explain the way that your property manager can help you is by saying that it’s like them being and doing wherever and whatever you can’t. Not only do property managers, well, manage your property, but they also provide a lot of help regarding finding reliable tenants and in general marketing your rental property, ensuring that it is rented at the best value possible. The blog post Park City Property Management even says that over 95% of tenants that are placed with well-regulated property management companies tend to pay their rent on time and that the eviction rate is far smaller than regular. So, hiring such a company may be a bit more costly on your end, but consider that it truly does make long-distance renting a lot easier.
Stay in Touch with the Tenants
This is an easy one, and yet, it’s very important. Not saying that tenants are irresponsible, since that is just not true, but establishing a connection with your tenants will give both them and you more space to communicate about possible issues and upgrades and similar topics. It’s both in your and your tenant’s interests for everything to go as well as possible, so communication is the key.
In the end, we hope that we have provided you with some information that you will incorporate in your business to make it easier. There is no perfect way to maintain a business, but there are ways for you to maintain it better, always, and that is the key – never stop researching, learning more, and most importantly, wanting to be better. Good luck!