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Property Lagos

How to Manage Your Property Like a Boss

property management. 4 bedroom duplex in Oniru

4 bedroom terrace duplex in Oniru

Introduction

Do you know that the majority of those who count the cost of acquiring a property fails to include the cost of property management? In real estate, acquiring property is like the ABC of the game. Trust me, you don’t want to know just ABC. You’ve got to know about it, down to the XYZ. Property Management is the XYZ of the game and in this playing field, you don’t want to be at the receiving end, the receiving end of losses. Especially losses that can easily be avoided, right? If you are new to the term property management, don’t worry, we’ve got you covered. Read Investopedia’s article on it. If you’ve done that already, come with me quickly. In this post, we’ll explain why managing your property is important, explain how to manage your property, and provide some suggestions if you’re new to managing your property.

What is Property Management, and Why Does it Matter?

Property Management is a process that involves maintaining, controlling and operating a property, such that it doesn’t lose value. And according to Wikipedia, it is also the management of personal property, equipment, tooling, and physical capital assets that are acquired and used to build, repair, and maintain end item deliverable. Listed below are some of the few things you should know to manage your properties properly.  

Knowing your Property

Yes! That’s right, Know what is in your possession. No detail should escape you when it comes to the property you possess. It would be a costly assumption to think the home you’ve had for the past 10 years is still the same now as when you first had it. Normally, some components of your property won’t function as new. You must make sure that you are up to date on what needs repairs and what does not. So how do you do this? Practice routine maintenance. You can break them into 3 parts;
  • Weekly maintenance
  • Monthly maintenance
  • Yearly Maintenance
Doing a structured and routine maintenance bit by bit will take you a long way in not just maintaining your property, but also save you from expending huge cost on the long run. See how Zillow Homes put it. This takes us to the next step…

Create a Financial Strategy

This is what you want to do next. You don’t want to waste all that time, cash and energy maintaining your property for maintenance sake. You want to make sure you get a high-quality return on investments (ROI). so as you carry out your maintenance strategy, including a financial strategy. Get a clear picture of how much your property will be worth, understand it and then plan. This will help you discover easily how much you should budget for managing and how much your turnover will be. On a lighter note, some factors often influence the value of your property,  such as;  
  • The location
  • The size
  • The level of luxury
Consequently, according to Opendoor, however, these factors are more than three. On to the next one…

Create a Marketing Plan

Hmmm!!! This is where most people shoot themselves on the leg. Taking care of a property, investing so much and yet without a clue on how to sell or rent out the said property? This is mostly true of us, Nigerians. We are always optimistic. Especially when starting a business. Well, when it comes to managing properties and profiting from it, you can’t afford to take any chances. Let the dogs do that, but not you. Have a marketing strategy! and mind you, for a marketing strategy to work, it needs to have a budget that will drive it. Now, if your budget is low, you can follow the tactics shared by Buildfire. However, if your budget is on the high side and probably, you have multiple properties, then you may want to go for R.L Adams’s guide on Forbes. In addition, let’s take a look at the next one below.

Do Preventive Maintenance

Even after you have placed your property for sale or for rent on the market, again, you don’t want to take chances. Don’t stop your maintenance routines. If you need to employ someone to keep it up for you, it’s worth the risk. Defy it. You don’t want a call at odd hours with complaints of either a broken sewer of a leaking pipe. Inspect it and you can be sure that you won’t go wrong applying this step, ever. Finally.

Hire a Property Manager

If doing all of the above will be too burdensome for you, in terms of time, energy and monetary expenses. Then, what you want to do is to hire a property manager. This would make things much easier, as a property manager will handle everything related to managing your property effectively. You may need to spend a little bit more though. Yet, you may also need to screen the property manager you want to work with. Or better still, approach a Real estate company that can help you with that. If this is the option you are going for, look no further, for we got your back!

#Round up

From the foregoing, we have looked at how you can manage your property easily on your own, with the option of hiring a property manager. Other things to note are; When you want to sell, sell the Neighbourhood and not the property. Buyers are more likely to buy from you when you show them benefits than selling outright to them. Another thing worth considering is, don’t be greedy with your price. Be wise, study the market, check what others are charging or let an agent do it for you. Or  Check how The Balance addresses it If you want to go into this, we have listings of properties that you can start with, fill the form below for a free consultation.

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