Many real estate investors are keen to explore new investment opportunities and excited to invest in REITs and other options. But once they acquire them, they fail to keep them in good health, not realizing that it can lower the returns on their real estate investments. If this sounds like you, keep reading and follow the tips below to take care of your investment property:
Tips to Take Care of Your Investment Property
Pay Attention to both the Exterior and Interior
Keeping your property well-kept and maintained both from the inside and the outside will not only maximize the ROIs you generate from them but also enable you to retain good tenants. In terms of the exterior, you’ll need to inspect the roof, windows, landscape, and paint.
For the interior, you’ll need to take care of heating and cooling, interior paint, the water heater, smoke detectors, and other appliances.
Please Your Tenants
Among the biggest reasons why tenants choose to move out of their units is that they aren’t happy and satisfied. Simply asking what they need or checking up and following through on how things are going will make them feel valued. Let them know that you’re always there to help. At times, this is exactly what tenants need. The mere idea that the landlord cares for them makes them stay longer than they would otherwise.
More importantly, stay responsive to their service requests. Not addressing their repair and maintenance needs leads to poor tenant experience, resulting in a bad reputation.
Hire a Property Manager
If you have other engagements, have a lot of real estate units, or wish to improve your tenant experience, hiring a property manager would be a great and worthwhile decision. From marketing your vacant units to finding tenants and addressing repair and maintenance needs, they’ll take care of everything for you.
Investment Properties In NJ NY and FL
By now, you should have obtained a fair idea about how to take care of your commercial real estate or multifamily residential real estate investments. If you need an experienced property manager to take care of your assets, reach out to Milbrook Properties. We also have an amazing list of commercial real estate investment options in New York, New Jersey, and Florida. To explore them, get in touch today!