A successful property management team maximizes the return on your investment by minimizing repair and maintenance costs. They analyze your property’s potential from the beginning to become familiar with your property and the rents comply with the local market. They make sure your property is rented to responsible tenants who will pay their rents ontime.
On the other hand, unprofessional property management can cost you more by providing poor maintenance and as a result, reducing your property’s value. In such cases the tenants may not be satisfied, making it more challenging to collect rents on time and/or raise the rents.
Having said the above, four main steps that property management experts should follow to market a rental property correctly are:
1-FINDING THE RIGHT PERSPECTIVE:
The best property managers should do a pre-rental analysis (PRA) first to understand the local rental market in order to maximize the owner’s profit. Various factors such as location, the size and type of property type/size, as well as amenities can affect the rental price.
Prior to listing your home, a proficient property manager will survey the property and evaluate how to maximize its value and income. This is called Pre-Rental Inspection (PRI).
The manager will write down an inspection report, indicating the jobs and repairs, take pictures and videos for future references, get landlord’s approval for any maintenance or renovation that can increase the rental value of the property and reduce vacancy rate.
Now that the property is ready to put on the market, a good property manager prepares an attractive and informative listing with clear colourful pictures to give the tenants an idea of how they feel living in that property. In case the homeowner is willing to rent on short term bases or on Airbnb platform, an expert property manager will ask a wellknown staging company to stage before renting.
As for listing a proficient property manager will post the property on multiple websites, platforms, social media as well as their own to get maximum enquiries and find the best ideal tenants.
Don’t have enough time to manage your property? ZoodPM can help! We deliver expert property management solutions for rental and executive leasing. Call us now at 647-985-zood (9663), or you can also visit our website for the best property manager in the North York and York Region.