There are many visual indications that a property is in trouble. Some of the surface signs are immediately apparent. Allowing these situations to continue is expensive for you and discourages good residents from renting at your property. Good management can and will correct these issues.
1. When your property comes vacant, it takes a lot of money to put it back together. This is a bad sign. Good, quality residents will take good care of your property. They will respect the property and treat it as if they owned it.
2. Turnover is high. This causes you to lose money in streams. Solid, qualified residents simply do not move that often. If your turnover is high, there is a problem which should be found and fixed.
3. Your property closes the books with outstanding delinquency. All rent can and should be collected every month. We have good laws, excellent leases, and fair, honest judges. There is no reason for a resident to ever live at your property for free.
4. Vacant units are not turned immediately. If they are ready they will rent. If they are allowed to stand vacant for more than a week without being completed, you are losing money needlessly.
5. When you walk a "ready" unit, you are ashamed of what it looks like.
6. A lease audit shows that more that 5% of your leases are on Month-to-Month status. The higher your MTM percentage, the greater your exposure.
7. Patios and balconies are cluttered and dirty. Old couches, tires, cans and boxes of trash on your patios need attention. The patio/balcony area is intended to be a recreational amenity, not a storage unit.
8. Office not clean. Cluttered, dusty, paperwork piled up. Front door, step or entry dirty. Property is dirty. Grounds not thoroughly cleansed of trash first thing in the morning. Small debris piled up by curbs.
9. Flags weathered, torn, dirty, missing, falling down; or flagpoles crooked or rusty.
10. Pool not taken care of properly. A sparkling pool is a major selling point for you, even in winter. Poor care of pool will lose many leases.
These are just a few basic items which you can spot quickly and easily by driving through the property and spending time with the staff. Deeper investigation will often reveal many other areas which can be improved.
McCourt Property Management, L.L.C. can increase your income and decrease your expenses by finding and correcting these issues, and a host of others. You do not have to deal with these challenges - we will do it for you.