Articles
Newsletters
Home 
Business Real Estate Managing Property: Selecting the Best Materials for Rental Property
Business Real Estate Managing Property: Selecting the Best Materials for Rental Property
| Managing Property: Selecting the Best Materials for Rental Property |
 |
 |
 |
| Written by Connor Sullivan |
| Monday, 22 March 2010 07:10 |
|
There are a million ways to property management. Providence property management is comparable to property management in New York, Los Angeles or Chicago. A lot of cities face challenges in property management, Providence, Baltimore, and Richmond being no exceptions. One of the primary issues in property management, is keeping the property in good condition. There are two fundamental approaches for maintaining property integrity. First is careful selection of the occupants. Second is the selection of materials that are used in the property. Choosing occupants is a risky business and perilous process. Often the owners of the property come with their own ingrained beliefs as to who might make a good tenant. These are often based in stereotypes and misconceptions. It is important to avoid selecting tenants on prejudicial assumptions as to who might make a better tenant. Well meaning owners or managers could easily violate the fair housing act by profiling perspective tenants. Tenant selection should be based on occupancy rates and property use issues. While there are many ways to decide which tenant to choose, these are often fraught with either intangibles or purely clinical information such as credit score. Whole clinics exist to navigate the legalities and difficulties of tenant selection. The materials used in a property offer a more concrete, (pun intended) way of maintaining a properties value. There are two basic schools of thought in property maintenance. The first school of thought is to use inexpensive materials because if these get destroyed they are less expensive to replace. The other way of thinking is to use resilient materials. Using flooring as an example, these choices can be better illustrated. If a utility room is covered in a cheap glue-down linoleum there may be an upfront savings of several hundred dollars. This is a material that can be easily removed and replaced when it gets worn out. Typically these products come with a 5 year warranty, which is a good way of estimating its life span. While this may seem cost effective, it often translates into labor and regular replacement costs and it is often less appealing, both visually and physically, as it tends to be thinner and harder on the feet. Investing in a thicker more durable and more expensive linoleum can be economical in that in lasts longer and endures more abuse. Moving into laminate or even engineered wood is a more expensive proposition, but these are also durable options and can increase the rental value. Most commercial or rental spaces demand inexpensive building materials, durable construction materials and esthetically pleasing materials. It is important to approach materials with the concept of cost per year and increased return. High end materials can often pay for themselves in durability and increased value. The intended property use is essential to determining these choices as well. A rental for financially secure young families might use different materials then a house rented to college students. The deliberation of materials require some foresight and consideration of use and market value. About the Author: Connor R. Sullivan recently met with an expert in property management Providence area to help him find office space in the area. He found a great office with the help of aProvidence property management company. This and other unique content 'property management providence' articles are available with free reprint rights. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
Members : 2304
Content : 2494
Web Links : 1
Content View Hits : 210784
Content : 2494
Web Links : 1
Content View Hits : 210784