There are a million ways to manage property. Providence property management is similar to Property Management in Greeley, Los Angeles or Chicago. Many cities face challenges in property management, Providence, Baltimore, and Richmond being no exceptions. One of the main challenges in property management is keeping the property in good condition. There are two basic strategies for maintaining property integrity. First is careful selection of the occupants. Second is the selection of materials that go into a property.
Choosing occupants is a risky business and dangerous business. 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 prejudices. It is important to avoid selecting tenants on the basis of any preconceived idea as to who might make a better tenant. Well meaning owners or managers could easily violate the fair housing act by profiling perspective tenants. Decisions should be made 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 uncertainties of tenant selection.
The materials used in a property offer a more concrete, pun intended way of managing a properties integrity. 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 school of thought is to use more durable materials. Using flooring as an example, these choices can be better illustrated.
If a kitchen is covered in a cheap glue-down linoleum there may be an immediate savings of several hundred dollars. This is a material that can be quickly 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 could mean frequent replacement and it is often less appealing, both visually and physically, as it tends to be thinner and harder on the feet. Moving up to 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 bring value to properties that call result in higher rents.
Most commercial rental properties require a fine balance between 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. More expensive materials can often pay for themselves in durability and increased value. The function of the property is essential to determining these choices as well. A rental for financially secure young families might use different materials then a rental for transient college students. The approach to materials requires some foresight and consideration of use and market value.