Property Management

Differentiating your property from the rest starts with the exterior. Creating curb appeal is essential to attracting potential tenants and persuading them to give your rental home closer consideration. It can also add that special touch that makes it feel like home instead of just another property.

Curb appeal doesn’t have to be something you did that was expensive; sometimes, it’s the small details that can make or break a deal. Here are some affordable ways to increase your curb appeal when leasing your property.

Maintain the landscaping

Having a well-landscaped property is important for making a good first impression. This is especially true in places where yards are larger than average. For example, the average yard size in Richmond, VA, is 11,228 square feet. This means a lot of selling points in having a nicely manicured lawn and trimmed shrubs. Additionally, ensuring that flower beds are mulched, and old plants are replaced can go a long way. Finally, it is important to clear any obstacles (e.g., tree branches, bushes, or shrubs) that may be blocking attractive features of the home.

One way to warmly welcome visitors is to place bright containers with flowers near the property entrance. Another touch-up that can make a big difference in painting or staining fences.

Take care of sidewalk cracks.

The cracks in the sidewalk can be a major turn-off for potential buyers. They can make the house look old, neglected, and unkempt. But it doesn’t have to be that way.

One of the most important factors in curb appeal is your home’s exterior. This includes everything from landscaping to siding and more. The first thing people see when they walk up to your home is the exterior, so you must take care of your curb appeal by ensuring there are no cracks in the sidewalk or any other visible damage on your property.

Repaint the front door

Your front door is your opportunity to make a great first impression. A fresh coat of paint in colors that complement or contrast with your property can make your door pop. A glossy finish will also help to hide smudges and make it easier to keep clean. Repainting may take a bit of time, but it’s well worth it for such a dramatic impact.
You can focus on repainting trim around your door and shutters for a smaller property and replacing old door knobs or handles. This relatively simple project can go a long way in making your place more inviting to potential tenants.

Refresh address numbers

If you live in a residential area, your house’s address number is fading or unreadable. This can be a major problem because it can lead to security issues and confusion if the address number is not legible.

Luckily, there are many different ways to refresh your house’s address numbers that won’t break the bank. You could buy new numbers and paint them yourself or replace them with vinyl numbers. Your house will look more presentable and professional for potential homebuyers!

Pressure wash the siding of the home.

Your home’s exterior is important for many reasons. Not only does it affect curb appeal, but it can also influence how clean and welcoming the inside of your home feels. Pressure washing your home’s siding, windows, walkway, steps, and driveway is a great way to keep the outside of your property clean and inviting. In addition, making sure the entryway and halls are uncluttered and welcoming will go a long way in making current tenants happy or attracting new ones.

Fix Broken Gutters, Gates, and Fences

Gutters, gates, and fences are some of the most overlooked features of a property. They are usually either forgotten or not taken care of. However, they can greatly impact the curb appeal and resale value of a property. Poorly-maintained and cluttered gutters, gates, or fences can also lead to drainage issues. , which can harm the foundation of the home.

Focus on the Porch

The porch is one of the first things people see when they come to your home. It’s an important part of curb appeal. A well-designed porch can make a statement about your home and give people a reason to stop and look at what you have on offer.

Porches are great for hosting parties or just relaxing in the summer evenings. They’re also perfect for sitting outside with friends or family, enjoying the fresh air, and talking about anything and everything under the sun.

The porch is often overlooked as an area that needs to be designed with care, but it can be one of the most enjoyable parts of your home if you get it right!

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For several years, there has been an increase in the number of tenants living in single-family rentals. And, with the pandemic fueling this surge, it’s no wonder these figures have continued to rise. The increased need for additional space in less densely populated areas has significantly influenced the interactions between property owners and managers. Owners rely on managers to guide them through the new laws and constraints imposed by the pandemic while also assuaging concerns about income loss due to late rentals. Meanwhile, property managers are collaborating with residents to retain them in their properties despite whatever financial difficulties they may be experiencing.

Although the economy is gradually improving, many of the management service trends that have evolved in recent years are here to stay. The single-family property managers polled for our annual Property Management Industry Report.

Here are some of the most significant rental owner and resident service trends that property managers throughout the country anticipate will continue in 2023.

On the Owner’s Side

Investment Services

As the housing market continues to evolve, more and more landlords are seeing rental properties as viable investment opportunities. In fact, since 2018, the number of investors in our survey has increased from 67 to 71 percent. Even institutional investors are taking notice and are beginning to enter the space.

For those who may be unfamiliar, an Accidental Landlord is someone who owns a property unexpectedly, such as through inheritance. However, with the changing housing market landscape, many Accidental Landlords are now viewing their rental properties as a potential business venture.

The value of property management has grown in recent years due in part to the increasing complexity of the real estate market. Owners now seek out firms with local market expertise and the ability to identify investment opportunities. For those considering expansion into new markets, a property manager who can conduct market research is invaluable.

As property owners strive to understand better how their holdings perform in the overall market, the need for more robust reporting has become increasingly apparent. This trend is driven by a desire for greater granularity and insight regarding data points such as local market trends.

As a professional property manager, it is important to be able to advise your clients on how they can add value to their current properties. This may include suggesting improvements and amenities that will appeal to their target residents and as a result, increase rent. Some examples of these amenities could be private yards, extra space for pet owners, or any other features currently in demand among those renting homes.

Legal Services

As we continue to face challenges posed by COVID-19, it is clear that there is a great need for knowledge and understanding of current events and legislation affecting landlords and tenants. Moratoria on evictions and local restrictions are some of the latest concerns for property owners. In addition, rent control has been revived in some major cities, and good cause eviction laws are gaining traction in places like New York. It is more important than ever for landlords and tenants to be informed of their rights.

As new laws and restrictions arise, property managers are needed to help navigate the compliance issues that come with them.

Property managers can help expand an owner’s portfolio by steering them clear of markets where restrictions would make it difficult to turn a profit. Although consulting legal professionals is always the best option, property managers should still be familiar with these trends to anticipate clients’ requests and refer them to the right people in their network.

On the Resident’s Side

Maintenance and Repairs

As the pandemic continues, renters expect more immediate results when requesting maintenance and repairs. This trend has been amplified by the fact that people have been home much more, leading to more repair requests and communication from property managers. The challenge for property managers moving forward will be labor shortages and supply chain issues, two problems that currently plague many sectors of the U.S. economy. On top of that, the increased price of certain supplies and materials can lead to tough decisions about handling those expenses and to what extent they’ll be reflected in management fees.

Virtual Tours

When it comes to property management, Phoenix is a hot spot for rental properties. It is also one of the prime locations for innovation in the industryAs we all know, 2020 was a tough year for many people. One of the things that became difficult was touring vacant units for potential rental properties. However, people turned to a service that was already growing before the pandemic: virtual tours.

Now that people are used to them, it’s likely that virtual tours are here to stay. A 2020 survey by Zumper and Matterport found that 95% of renters were likelier to rent a property listed with a 3D tour.

Virtual tours allow prospective residents to screen properties before contacting property managers, saving time from visiting units that aren’t right for them. Property managers also save time by not having to show the unit to someone who isn’t interested. Additionally, virtual tours give prospective residents who are relocating the opportunity to see properties without making a big trip.

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Musicals are good When music influences emotions, it creates an identity for the character seeing it. Music can push forward and influence and develop. But what happens when the singing is bad When singing is bad in musicals, it creates a separation from the character and the story and removes the suspension of belief musicals allow by having it be so bad it distracts you from the actual story. Musicals thrive on something called the suspension of belief, this is the idea that the audience can accept things that may seem “out there” and unbelievable due to the fact musicals aren’t trying to push realism because of the fact it is a play rather than a movie that you will expect to believe it. Just think about what happens when CGI is bad.… Read More