10 Ways Condo Owners Can Maintain Property Value
The market isn’t the only thing that makes investment properties fluctuate in value. By tending to your property and putting smart money into it, you can make the most of its worth and enjoy greater yields.
If you’re unsure of what that actually entails and aren’t sure where to begin, good news: that’s our specialty! Property Management Toronto is a leading condo management company in the industry, and our services and knowledge can help net you a greater return month to month and year to year.
Let’s take a look at ten ways condo owners can maintain the value of their property.
1. Secure Great Tenants
When you have mature and respectful tenants living in your condo, you’ll be notified quickly if something in the unit needs to be repaired. Otherwise, ignoring maintenance and upkeep can damage your property and result in higher costs to fix it down the road.
Responsible tenants keep your property in good condition day-to-day. There’ll always be some wear and tear whenever people live their lives, but finding an excellent tenant is a major first step in ensuring your property value remains high.
2. Regular Maintenance and Upkeep
We make solving property related issues easy for you by handling them ourselves. When something in the unit breaks, the tenant will call us, and we’ll draw on our long list of vetted contractors to put together three options at different prices.
Everything will work in your condo the way it should, and you won’t have to trouble over it
Shining the right light on your unit before it’s rented helps to secure the right tenant. However, not every owner knows the best way to photograph and describe the unit or has extensive social media connections.
We can help when it comes to marketing your condo because Property Management Toronto will get it listed in magazines like Toronto Life, so desirable tenants compete with each other to live there.
You’ll always be in the loop about what’s going on under your roof because of our management reporting system. Our monthly and annual financial reports provide a user-friendly breakdown so you understand all the latest happenings.
Our professional landlord service includes a walk-through of the report if needed. Tracking the finances concerning your property is absolutely essential, and we make it easy to stay on top of it from a micro and macro perspective.
5. Connect with Your Condo Board
You may not be living in the condo you own, but changes in the building impact your investment. It’s worthwhile to stay connected with the board and vote in your interests.
Decisions they make will affect your property value, so get involved. Using condo fees wisely could be the difference between building a new gym that tenants covet or squandering it on less popular amenities that aren’t as big a draw.
6. Tenant Relation Services
When tenants have responsive support that fully addresses their needs as renters, they’re likely to resign their lease year after year. The last thing you want is a vacancy because it means your unit isn’t fetching any income for one or more months.
Replacing a great tenant can be difficult, and there are no guarantees the next one will be as good or better. Let Property Management Toronto handle tenant relations for you.
7. Smart Core Purchases
Buying cheap appliances may save you money upfront, but it’ll cost you in the long term. Get high-quality laundry machines and dishwashers, so you don’t need to get them repaired or replaced.
The time it takes to deal with repairs is frustrating and costly. When core appliances work properly, everything runs smoother. You don’t want to be spending time sourcing parts for an appliance the manufacturer no longer makes.
If tenants get frustrated with broken appliances, it could push them out or at least become a push factor rather than a pull.
8. Establish the Right Rent
If you make the rent too high, you could discourage great tenants from securing a home. Make it too low, and you won’t get the return you’re looking for.
Set the rent to levels which cover your expenses and taxes and account for some inevitable maintenance costs. You don’t want the property to become a party house because that lowers its value when the time for selling your condo arrives, but you don’t need to set the rent levels to the maximum market rents, either.
With our real estate services, we can also help with finding an investment property if you’re looking to add to your portfolio.
9. Inspections are Key
Landlords have strict laws about when they’re allowed to inspect the premises, so take advantage of the time you can. Don’t miss a chance to take in the property yourself between tenants or to pick up the mail.
Observe its condition, note if something needs to be repaired, and put in some face time with the tenant or tenants. Ask them if anything needs to be fixed and make a note of it, so you don’t forget.
Connecting with the property itself and the people living there annually is a good way to keep your finger on the pulse, gently and from afar.
10. Know Your Goals
Finally, what are your financial goals? Are you trying to make a short-term income right now, or let the property cover its expenses until your investment has accrued value over the years?
Everybody has unique financial circumstances, needs, and goals. You have to know what your goals are from the start, in terms of both finances and timelines, and keep your eye on the prize.
Property owners are in a fortunate position, given the enormous rise in housing costs over the past few years. It’s even better for those who own investment properties. Keep the above tips in mind, and you’ll only increase your property’s long-term value.