At some point, even the most successful real estate investors will recognize the need for a professional property manager for showing a property. It may happen during ownership of their first property or their fifth. Property management can take more time and resources than many owners initially realize. For those who self-manage their investment properties, here are five things each Tucson property manager should do before showing a property to a potential tenant.
Tucson Property Managers Conduct a Thorough Property Inspection
Inspect the rental as if you were buying it. Check windows, doors, cabinets, drawers, faucets, sockets, toilets, and drains. Make sure the heat and AC and the water heater are functional. Take note of any damage. Inspections should include determining if there is any evidence of the presence of insects or rodents.
Make Repairs, Clean Thoroughly, and Paint
Using the notes from your inspection, make repairs and thoroughly clean the rental property. A fresh coat of paint is an inexpensive way to bring a fresh appearance and atmosphere to an available property. Cleaning should be deep and include carpeting and inside cabinetry.
Determine What Upgrades Should Be Made to Maximise ROI
Can upgrading appliances, flooring, or countertops allow for more income and a higher ROI? What about upgrading security or updating lighting? Many upgrades can pay for themselves not only on income but by attracting higher-quality tenants who may remain residents longer.
Determine a Competitive Rental Rate
Set a rent rate that is competitive with similar rentals currently available in the area. Rates should be set based on attracting quality, qualified tenants who will take care of the investment.
Establish Lease Terms and a Screening Process after Showing a Property
Should you offer short-term leases or allow for pets? What is your deposit policy? Will you factor in a cleaning fee? Now is the time to establish your parameters and to determine which, if any, are negotiable. Leases should be compliant with local and statewide tenant/landlord regulations.
On the surface, this list may seem simple enough. Inspect, clean, paint, repair, upgrade, and review your lease. But each step takes time and resources. When you multiply it by the number of properties owned and add in other responsibilities like finding qualified tenants, showing a property, chasing down rent payments, maintenance, and late-night phone calls, it can be exhausting and frustrating.
This is where Bancroft & Associates excel. We are the property manager Tucson investment property owners turn to protect their investments, reduce hassles, and maximize returns. We manage a wide variety of Tucson rental homes and have been involved in real estate since 1974. Choose a Tucson property manager with a legacy of success and a commitment to the future. For property management and real estate in Tucson, choose Bancroft & Associates. Contact us today to learn more.
Bancroft & Associates. A part of the Tucson community for almost a half-century.