Property Management 3 Part Game - Part 1
Congratulations! You purchased your first investment property and now you’ve completed the renovation and you’re ready to get the property online. What now? Investing in property is a great way to build wealth and help your community. Buying, and renovating is only a 180° view of a 360° commitment. Now you need the know-how of Property Management.
Property Management is a three-part game. You’re managing: Property, People, and Finances. You’ll need to know when and how to do basic maintenance on your property. You’ll want to know how to attract people to your property and maintain high retention and low vacancy. Calculating Vacancy and vacancy lost is also something to familiarize yourself with, as it plays a key role in your financial projections. These are things you can learn, obviously! We simply want to help in that journey because your success and your properties success depends on it!
We’ll start with where you’ve already been; Property. The context of this conversation will be Curb Appeal. Curb Appeal is my favorite thing to talk about! It’s what draws your eye to investment properties, but it’s an even bigger factor for prospective renters. The basic function of curb appeal is to not only catch the eye, but also to create a first impression. Whether the renter is ready to rent now, or just moseying about the “virtual” neighborhood, your property needs to stand out. Never assume that prospective renters are seeing your property for the first time. People often see the property either before, or again, after the official tour.
For first-time investors, I always recommend focusing on landscaping. Believe it or not, even in today’s modern world of “show me the amenities”, a good first impression is a simple, clean, and well-groomed exterior. When suited, a few plants and flowers for color creates an inviting atmosphere. You can DIY it for low expense and maintenance (if you’re into that 😉), or hire a professional.
In summation, be aware of your property from all turns and points. Focus on landscaping and consistent maintenance and upkeep. Draw people from the exterior and they’ll give you the chance to wow them with the interior.