Property management begins with a management plan prepared by the property manager. The plan will outline the details of the owner’s objectives for the property as well as what the property manager expects to accomplish and how, including all cost considerations.
The plan will address rental rates, budgets, marketing and advertising the property, and maintenance. One of the most important responsibilities of a property manager is the supervision of property maintenance. You want a property manager who is going to care for your property as if it were his or her own.
There are three types of maintenance an effective property manager will consider:
1) Preventive
Preventative maintenance covers regularly scheduled activities such as painting or annual servicing of HVAC and sprinkler systems. Preventative maintenance protects and preserves the physical integrity of the property over the long term. Home-owners often neglect this responsibility, failure to attend to preventative maintenance usually leads to greater expense in the end. This is where a knowledgeable property manager will be worth his or her weight in gold.
2) Repair/Corrective
Repair and corrective maintenance is just that, correcting an acute problem such as fixing a toilet, leaky faucet, or broken window. These repairs keep the building’s equipment, utilities, and amenities properly functioning.
3) Routine
A property manager will also supervise routine maintenance such as seasonal landscape services like spring and fall clean ups, interior and exterior painting needs, and minor carpentry and plumbing repairs.
At bare minimum, a good property manager will know how to efficiently maintain a property, assess the building’s needs, and devise a list to best meet those needs. He/she will present maintenance objectives to the owner to agree on in advance how to keep the building in top condition to command premium rental rates.
A great property manager will add to the mix a blend of patience and professionalism, have an investor mind set, be organized, and possess a certain level of ingenuity. After all, every property is different and each investor’s goals are distinctive. You need a property manager willing to think outside the box.
Rising Tide offers customized property management services for Seacoast property owners to choose from. With more than a decade of managing properties in New Hampshire and Maine, our team will provide you guidance navigating the rental market, building tenant relationships, and maximizing your real estate investment. To learn more about how our team can make your property a worry-free part of your financial portfolio, please email Property Manager, Anthony Sillitta at anthony@maddenre.com or visit www.maddenre.com