Managing a property can be challenging under ordinary circumstances. Add a distressed home in a bad neighborhood to your portfolio and watch the stress level rise. Although managing this type of home will not be easy for property management companies, Fort Smith property managers can turn this situation into a money-making opportunity.
Monitor the Property
Distressed properties mean extra work for property managers. The premises should be monitored often to look for any criminal activity. Assess the area and see if there is anything that looks out of place – such as unrecognized vehicles or people inhabiting the property. Is there any graffiti in the area? If so, have it removed promptly. Do not be afraid to ask for help from others in the community. Establish a rapport with local law enforcement officials. Enlist the help of neighbors to be on the lookout for criminal activity. You may also want to have a local towing company help you with patrolling this area and removing unauthorized vehicles.
Assign parking spaces to tenants, so you can easily see who belongs at the property and who does not. Install security gates to prevent access to unauthorized people. For a larger complex, you may want to consider a security guard. Monitor outdoor lighting and replace bulbs and fixtures if needed. Install dead bolts on doors and alarm systems inside the property. Ensure all doors are in good working order. Fix any broken or cracked windows. Post “No Loitering” or “No Trespassing” signs and enlist someone to enforce them.
Lay Down the Law
Criminal activity will continue to happen when property management companies do not step in and take swift action. Enforce rules regarding lease violation and criminal activity on the premises. Follow up with notices when you see a violation. Make sure tenants understand the rules and be prepared to follow through with punishment.
No matter what type of residential property you own, Real Property Management River Valley Team can turn it into a viable rental. We manage everything, so all you have to do is watch your income grow.