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How to Prepare the Vacant Residence for the Next Tenant.
This brings us back to seeing the end-goal before you begin your renovations. To manage residential real estate, you must see the big picture so that you can delegate the jobs of property management in proper order, to the right people, and at the right times.
The Wrong Way and the Right Way to Delegate Property Management.
The Wrong Way to Delegate Property Management:
DIY (Do It Yourself) penny pinching is often shooting yourself in the foot. I have seen this time and time again: landlord of a small property thinks he is the Jack of all trades: He is the electrician and the plumber, He is the maintenance guy and the appliance repairman, He is the gardener and leasing agent, He is the painter and the demolitioner, the tile guy and the floor guy,
In an attempt to save money, he undertakes many time-consuming projects that he can not finish quickly, because he is not a pro in any of them. An apartment preparation with a little renovation that would take 5-10 days to do if the vendors were hired in the correct order, drags out for a month. Sure these projects give him something to do; and he gets a feeling of accomplishment and satisfaction with having done something with one's own hands, but the cost savings are simply not worth it:
An empty apartment that rents for $1500/ month is $1500 of lost income. Even if you had to pay that to the vendors, you would have a free month to do with your life as you please. Not only does this result in frustration, but at the end of the hectic month, the landlord is burned out and needs a vacation. But there is no vacation, now you have to find a tenant. And you are likely to skip important steps in this process such as market research of comparable properties in the neighborhood, professional advertisments, move-in incentives, or running a credit check on an applicant(ouch!)
The Right Way to Delegate Property Management:
Step 1: Find good vendors in your area that are cheap, reliable, insured, and do good job.
Step 2: Coordinate their presence in the unit as soon as the previous tenant moves out.
- Paint the unit or Touch-up paint
- Cleaning Crew
- Shampoo or replace the carpet
Before hiring the vendors, check on the vendors in online reviews including bbb.gov and if you know someone who works in the field, ask them for a list of approved and recommended vendors. Of course, shop around and get multiple quotes for each job especially when you are just starting out.
