Las Vegas Propery Management
出典: くみこみックス
What to and Not to Spend Money on!
A question that we get a lot from our clients at Brady Realty Group is what improvements should be made to a property owner to maximize profit. Being a slumlord and also refusing to make repairs or going to the other extreme of making your property manager look like a Taj Mahal can cost you unnecessary money.
First, lets talk regarding the reason why not making repairs plus letting your properties deteriorate turns out to be a very expensive way to do business. The most obvious reason to make necessary improvements and also repairs is to keep your tenants happy which turns into longer tenancies plus possibly higher rents. This can add up to thousands of dollars in added revenue since properties are not sitting vacant.
Another reason to make necessary improvement as they arise is to stop the damage before it grows into a larger problem. We have seen in many cases during our experience as residential property managers in Las Vegas, Nevada that small toilet leaks or bath tub leaks can eventually cause thousands in water damage if not taken care of. Homes or condos that are less taken care of in such things as paint, carpet, ect. many times causes the tenants to not take care of the rental as they would if they felt the landlord cared more about them and also the property.
Second, you will find other landlords that like to spend way too much money on making their home look perfect. Sometimes it really is good to cut back a little on how much HGTV someone may watch. Youll find countless things that we have seen owners do to spend money on things that dont really matter. The main thing that a rental home needs to be is clean and also functional. If the tenants walk in and also feel that the home is dirty or in bad repair they will choose something else; however, they will not notice or care related to a small cobweb in an outside light fixture or the grout in the tile not looking perfect. What typically happens when a landlord makes an extreme amount of repairs or improvements to the property manager, is that they begin to micro manage and pester their tenants. This type of landlord typically gets upset easily when the tenants do not take care of the property manager as they themselves would have. There are actually very few perfect tenants. Most do not take off their shoes when they go in the house or vacuum every day. They will not understand why the owner is getting upset by how they treat the property. They will even be more upset when the landlord keeps their security deposit at move out to put the home in the same condition as when they got it. We have seen these landlords get sued in small claims court by their previous tenants and lose.
A good rule of thumb that we live by at Brady Realty Group is that if the improvement will not increase the rent enough to pay for itself within one year that it is most likely not a good improvement. As an example, if new carpet is put into a home at a cost of approximately $2,500 but the home could have been rented without new carpet for $50 less every month, that would take a little over four years to break even by installing new carpet. However, if the property owner wont rent or lowers to around $150 per month it would probably be a good idea to install new carpet. Paint, landscaping and any other repair should fall into this equation.
The purpose of being a property manager owner and landlord is to make a profit by offering a product (rental home or condo) at a fair price where both sides (landlord plus tenant) are happy with the transaction. Home or condos dont need to be nicer than the price being paid or asking for a price that is too high for the quality.
Get your residence ready to sell with help from Brady Realty Group. We are your las vegas nv property management experts here to help you
