Owning rental property is a good investment, but it can also be a stressful one if you are not experienced in property management. From dealing with difficult tenants to handling maintenance requests, property management can take up a lot of time. When it comes to renovations, many landlords assume they can take on the task themselves, but hiring a property manager to oversee renovations is the better choice.
Who Are Property Managers?
As the name suggests, property managers handle real estate. They are your go-to team for everything and anything regarding your rental property. Property managers have to take care of more long-term projects like renovations in addition to overseeing day-to-day operations. Renovations can increase property value but they’re also time-consuming and overwhelming. With your renovation goals in mind and your budget, a property manager will take care of it.
To help you out, they will act as agents and coordinate for and hire the requisite contractors to complete your project as you wish. One of the main reasons why working with a property manager when renovating a property is a good idea is because they already have a network of contractors that they work with regularly, making the whole process smoother and faster.
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Definition and Role of Property Managers
A property manager and a contractor have very different jobs when it comes to real estate. It is the responsibility of the property manager to take care of parts of the real estate trends and everyday operations like coordinating vacancies, leasing, maintenance, and security. They have the role of maintaining the value and income of the property by making it always fit for purpose, in good condition, and occupied by good quality – not to mention safe – tenants. But when you’re ready for a renovation, it might just make sense to find a contractor and let him take care of the project. But the property manager should be the one in charge of the project, and here’s why.
Nobody else can understand the needs of a property like a property manager. They regularly see the issues, hear the complaints from tenants, and know the potential problem areas. By discussing the renovation project with the property manager, they can likely identify several more aspects that should be addressed and features that should be included. This increased insight could even result in a more attractive outcome at a lower cost.
Additionally, a property manager can set realistic goals for the renovation and ensure that the work is being done efficiently, without cutting corners. They will be able to validate the contractor’s timetable and keep the project on track. Given their experience in overseeing a property’s maintenance, security, and overall functioning, the property manager can also provide valuable input on these different areas to guarantee a successful renovation project. The final result will be a property that is more attractive to tenants, with increased functionality and reduced risk of maintenance problems once it’s being used.
Importance of Renovations in Property Management
In the world of property management, renovations are necessary at some point along the journey. It could be something as simple as a fresh coat of paint and new carpets, or a more extensive remodel of the property. Renovations are crucial in adding value to the property, and it is really important to get it right. When a property is starting to look a little worse for wear, it is probably turning away prospective tenants. It is those first impressions that really count when showing a property.
Attracting tenants
You want your property to look the best it possibly can to attract good, long-term tenants. If a property is run-down or in need of some repair and a landlord does not want to make the necessary renovations, it can then affect the property manager’s job, too.
Tenants are more likely to stay long-term in a property that feels like home. Renovations can help create that feeling from a tenant’s perspective. It shows that the property owner cares about the property, and in turn, this will hopefully mean that the property owner cares about the tenants too.
Increasing Return on Investment
Investing in renovations can also command higher rent from current and prospective tenants.
Some renovations can also lower maintenance costs in the long run. Sure, a property manager typically collects rent, finds tenants, and supervises maintenance. A property manager can wear many hats, but would you have thought that overseeing a renovation project could be one of them too?
It may seem like you can save money by overseeing renovations yourself, but there are some hidden costs with that choice. A property manager deals with a network of contractors regularly, so they already have established relationships, and they know which contractors produce high-quality work on schedule. This can save you a lot of time, money, and headaches in the long run
Final Thoughts
Property managers are professionals who can completely transform the way your business works. They can help you increase the profits and keep your tenants happy. Therefore, you want them to help you with all things property management. Property management overseeing renovations improves your chances of ending up with real estate in great condition. You can trust these professionals to take your place in ensuring that the project goes smoothly and it’s not overly costly.
