Maximizing Your Rental Property’s Operational Efficiency

October 31, 2023 0 comment

By Eric Davis

Summer is a time when real estate owners often reflect on and assess their property’s performance. As experienced advisors in the multifamily real estate sector in the Puget Sound Region, we’ve closely observed the practices of some of the top apartment managers in the region. Our extensive network covers various aspects of building operations, including relationships with lending institutions, insurance providers, rental strategies, advertising channels, management entities, legal consultants, and maintenance contacts.

A team is having an evaluation.

You can leverage our knowledge to identify areas in your property’s operations that might benefit from fine-tuning. Feel free to connect with us for a complimentary property evaluation and insights to enhance your investment returns. Here’s a breakdown of different areas where improvements can lead to better returns and increased property value:

  • Property Tax Evaluation: If you’re concerned about high property taxes, we can assist by providing a property valuation and potentially help you challenge your assessed value.
  • Lending Insights: If you’re navigating a pending refinance due to an approaching maturity date or seeking insights into current interest rates, we have connections with leading lenders to guide you in optimizing your borrowing strategies.
  • Insurance Check: If you haven’t reviewed your insurance policy recently, our network can ensure you’re not overpaying while maintaining or enhancing your coverage quality.

A sample photo of a home insurance policy.

  • Rental Rates: Keep your rental rates competitive by comparing them to neighboring properties using our comparative data.
  • Utility Reimbursements: If you’re wondering about rebilling utility charges to tenants, we can provide prevalent strategies and recommend the most suitable approach for your property.
  • Alternative Revenue Avenues: Are you making the most of opportunities like parking fees, pet charges, storage income, or monthly dues?
  • Promotion: If you want to expand your tenant base, we have innovative advertising suggestions.
  • Management Review: Are you confident that you have the right property management team? Interested in exploring new property management collaborations?
  • Asset Protection: Protect your investments by establishing LLCs. Our real estate legal partners can provide guidance.
  • Vendor Contacts: Gain access to trusted service providers for various maintenance and upgrade needs.
  • Tenant Challenges: We offer resources to address issues related to tenants.

Image of a woman making her own schedule.

Periodic Maintenance Recommendations:

  1. Conduct a comprehensive property inspection annually to monitor conditions and identify preventive maintenance needs.
  2. Establish a regular maintenance schedule that covers appliances, fixtures, paint, and more.
  3. Maintain a record of capital upgrades, noting installation dates and warranty durations.
  4. Annually list expenses, comparing current and past financial statements for anomalies.
  5. Stay informed about interest rate fluctuations and be prepared for any loan maturity transitions.
  6. Consider investing in professional cleaning after a tenant departs. This modest investment can extend the life of units and potentially lead to higher rents.
  7. Address tenant repair requests promptly, ideally within 12 hours, to boost tenant satisfaction and minimize turnovers.
  8. Periodically, every 6-12 months, engage with your tenants. Personalized communication can gauge tenant satisfaction and collect feedback.

 

By following these guidelines, you can ensure that your property operations are optimized, resulting in the best possible outcomes.

Davis Property Management

At Davis Property Management, we provide fast, friendly, and professional service tailored to your individual property management needs.