How Property Management helps in Maintaining the Value of Your Investment Property
Each time you invest in a property, you spend some time and resources searching and identifying that property that will add value over a period of time and maximize the original investment. You don’t stop the moment you find the ideal property to invest in. To maintain the value of your property, here are some things you need to do which we have observed as a property management company in Kisumu.
To keep value of your investment property, you need ongoing high focus and attention to your investment property. A property manager in Kisumu, we have played this role to some of our clients who have no time to even inspect a property once a month. You need to find a way of being proactive with rental maintenance and associated repairs, checking out outdoor living areas and thinking of possible new features to add to attract more tenants. You should think of both maintaining and increasing the value of the property. Let’s look at what it takes to be proactive with rental maintenance and repairs.
Be Proactive With Rental Maintenance and Repairs
There is always a concern for tenants regarding repairs and maintenance. Tenants find it cumbersome for repairs and maintenance to be done. Landlords are also reluctant to do repairs and maintenance arguing that tenants should maintain or do repairs because the repairs needs resulted from their usage of the units. Being a property management company in Kisumu, we have seen this problem over and over again.
However, it’s always not the same in all properties as tenancy terms vary from one unit to another. It’s therefore important to look into the tenancy provisions for your tenant and what it stipulates. You should make your tenant be aware of his/her responsibilities towards repairs and maintenance. The property manager should be able to assist and manage the relationship between the tenants and the landlords.
Some of the common repairs to expect in a property include;
- Issues with kitchen appliances
- Faulty air conditioning or heating units
- Broken windows
- Broken door locks or handles
- Faulty sockets
Don’t Neglect an Outdoor Space
Being a property management in Kisumu, we have seen landlords who have invested in outdoor spaces and how such investment have created a brighter and attractive environment. You need to look at the situation of your outdoor space and think of how it can be improved for the betterment of your clients, the tenants.
As a property management company in Kisumu, we always look out for outdoor opportunities which could improve the appetite of tenant to you property and ultimately improve the value.
Some of the areas of consideration include;
Fixing any broken windows or railings
Repainting any chipped surfaces
Making sure lawns and gardens are well maintained
Adding nice plants to liven outdoor spaces
Identify Areas to Increase Value
A side from repairs, you could look out for new areas that would improve the tenancy experience of living in your property thus boosting retention and commanding a higher rent. Some of the things we suggest to property owners a property manager in Kisumu includes;
Adding heating or air conditioning
Adding home internet connectivity
Repainting walls after a certain period
Adding storage space like built in wardrobes
Attract the Best Tenants Possible
This is every landlords dream to find the best tenant who will be responsible for damages caused, pay on time without delay, communicate effectively and live in harmony with neighbors. Experienced Property managers are normally placed to get better tenants than landlord or landladies themselves. Property managers have channels and referrals which they use to find tenants.
Property managers upon receiving application for a unit by a potential tenants can find ways of knowing where the tenants have come from and even do a background check just to know if the potential tenant is a good one or one who is likely to be a source of problem.
Like To Learn More?
To find out more about how an experienced property manager really can help add value to your investment property, contact us today. West Kenya Real Estate is a distinguished property management company in Kisumu and the rest of the country. We are successfully managing properties in Nairobi, Kisumu, Kakamega, Bungoma, Migori, Siaya and Vihiga Counties.