Successful investors agree that one of the most noteworthy ways to keep the value of your rental properties growing is to set clear annual goals. This is likewise similar with regards to property maintenance as it is for planning capital improvements or preparing to buy a new property. Regardless of where you are in your real estate investing business, outlining a set of New Year’s resolutions for your rental property can help your investing goals stay on course.
Smart property maintenance resolutions start with a thorough property evaluation. A detailed assessment of your property’s condition is critical to setting your maintenance and improvement priorities for the up and coming year. The age and condition of everything, from your property’s roof, gutters, and siding, to the interior paint, carpet, and appliances, should be assessed and carefully recorded.
Despite the fact that most parts of your Camarillo rental property will need regular maintenance; others may need attention every other year or even every few years. Being educated with the age and condition of each part of the property can help you with sifting through the less frequent or more expensive to-do items, and keep your property maintenance expenses consistent over time.
When you have identified which elements are in urgent need of maintenance or repair and which can last a little bit more, the next step is to set some goals for the upcoming year. It can be simple for property owners to get bogged down in the day-to-day details of property upkeep. By setting a goal to keep sight of the bigger picture, along with possibly hiring a property management company such as Real Property Management Ventura County, you can keep track of the tasks that will help you achieve your investing goals. Sustaining a long-term perspective can help you better prioritize property maintenance and improvements, and also help you avoid unwelcome distractions.
One more resolution that can help lead your property maintenance decisions in the coming year is to work on improving the return on your investment property. Maximizing profits does not involve compromising or relinquishing quality. In any case, there are things you can do to help manage maintenance costs and charge more rent. Getting rid of wasteful spending is one area that often helps. But there are other, more proactive things you can do.
There are a lot of relatively minor, inexpensive upgrades that you can make to a rental property to significantly enhance its appeal and its value in the eyes of prospective tenants. Resurfacing a worn-out countertop, adding new light fixtures, or even painting the front door can add a fresh new feel to a tired or dated rental house. Before you go for any improvements, however, you’ll need to know as much as you can about the rental houses in your area. By simply conducting a market analysis, you can better understand how your rental home compares and set a more accurate rental rate.
And last but not the least, one of the most important resolutions you can make this year is to team up with a network of real estate professionals who can offer expert advice, information, and referrals for quality, affordable property services. Networking is one of the best ways to learn all you can about the industry’s best practices, not to mention to learn about new ways to maximize your property’s potential.
The old adage “it’s not what you know, it’s who you know” certainly applies in the field of real estate. By meeting new people and connecting with others whose skills complement your own, you can more confidently design an approach to property maintenance that all but ensures future success. Contact us or call us at 805-387-3682 for more information on how we can help you with your Camarillo property management journey.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
