It’s that time of year again. As we look at welcoming in 2017 in a few short days, there’s no better time to take stock of your properties and what you’d like to accomplish in the coming year.
While the process may seem daunting, there are ways to determine exactly what is terrific about your properties – and what you would like to improve, eliminate or change. Today, we’ll examine some of the common issues that property managers typically face, and in a future post, we’ll take a look at ways to address those issues, even on a limited budget.
- Skyrocketing costs. While you struggle to maintain your property, the cost of everything continues to rise. It’s difficult to walk that fine line between keeping your rents affordable, while making sure that maintenance and other issues are promptly addressed. In order to address some of these issues, maybe it’s time to think a little outside the box.
- Wasted resources. As areas in the U.S. and abroad struggle with drought, water conservation is more important than ever. Do you cringe each time you look at your property’s water bill? Do you know that you really need to start conserving water use but don’t know where to start?
- Outdated appearance. First impressions are important. When a prospect visits your property for the first time, he or she will be making an immediate determination as to whether they would like to live there. While they may ultimately decide against signing a lease, be sure it’s not because your property is run down and in need of obvious repairs.
- Security. While a visually appealing appearance is necessary for the prospective tenant, your current tenants are just as important. That’s why security is such an important issue. If your property has any security issues, they must be addressed promptly.
- Your property management office. This may be the most difficult topic to address. While it’s easy to spot security issues, rising utility costs, and maintenance issues, it’s not always easy to spot dysfunction in your own office. But like the other topics on this list, if your business office is failing, it must be addressed.
So sit back and take some mental inventory of your properties. Are any of these on your list, or have you created your own?