Of these management options for an owner, which one is best?

1) Do nothing to maintain the property 2) Do very little to maintain the property unless it is actually broken 3) Maintain the property in its original condition 4) Maintain the property in a constant upgrade mode.
In Property Management - Asked by James C. - Sep 30, 2008
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Answer(s)

Larry L.
Broker/Agent
Charlotte, NC

In the long term, #4 is the best because it's the least expensive because of the property of the value goes up faster. By constantly upgrading your property, you'll be able to increase rent and reduce percentage of gross income spent on maintaining the property.

Sep 30, 2008
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Kunal B.
Property/Asset Manager
Carrollton, TX

Hey James,
I agree with Larry. You have to ask yourself what your goals are for this property. I've worked with owners who have a management strategy that's a mixture of #1,2,3. The problem is that over time your tenants wont want to renew their leases. The curb appeal will decrease and so will the value of your investment. A good strategy is to generate the greatest possible income while maintaining the value of the property. You don't have to 'constantly upgrade' if you can't afford to do so. Maintaining good tenant relations and some good preventative maintanence should keep you on the right track. Avoid "doing nothing." It will lead to vacancies and will end up costing you.
-Director
www.TheLotusFirm.com

Oct 22, 2008
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