When you hire a building management company, they take the core duties of handling your condos and overseeing the property. Maintenance, repairs, tenant complaints, rent collection, and other onsite issues. How will they leverage their skills in attracting and retaining better tenants? It matters to enhance your rate of investment or ROI. So, it is crucial to find an appropriate property management agency with an aptitude to enhance your ROI. It will also reduce the landlord’s time and stress in managing rental property.

How to calculate the return of investment?

ROI measures investment performance and profitability. ROI compares the income made from your investment with respect to the total investment cost. For example, if the building generates $24,000from rental payments annually and the property running overall cost is $19000 per year then the profit margin is $5000. Divide $5000 by $19000 then your ROI is nearly 26%. Generally, anything above 15% is regarded as a good ROI.

How will the coop management company help to enhance your ROI?

Building Management Companies like Daisy offer significant value because of their expert competence to market and maintain your property. 

Impactful marketing

If a condo sits vacant, it does not make money. Professional project managers optimize the online presence of your property through well-placed listings as well as highlighting your property’s features that set it apart. They are well-aware of where to advertise and boost property searchability. Besides, they have a network of realtors, who work with potential tenants.

Set accurate value

Condo owners may lose ROI because they underrate their property. Condo management companies do market and competitors research before setting a price. They never over priced condos as they can create lengthy vacancy patterns.

Rigorous tenant screening

The company has an expert marketing team that attracts a pile of applications. Choosing the right tenants is essential. There is no place for guesswork. The project managers know how to choose a responsible tenant. They perform strict credit checks, background screening, and vetting to determine the ideal tenant. Responsible tenants are the ones who take care of the condo and pay rent on time.

Retain tenants

The property manager’s job is also to build a good relationship with the tenants. It is essential to keep tenants happy so that they stay for long and the property earns the money. They ensure to keep communication channels open. When tenants are taken care of nicely they will stick around. Tenant retention keeps property occupied and makes money thus enhancing your ROI. 

Work with condo boards

The property manager works directly with the condo’s building board. The board members set the guidelines of the building, hire maintenance staff as well as maintain the common areas. The property manager is a middleman that ensures the residents follow building rules and policies. Thus they work with the board members to ensure that every maintenance request is dealt with as soon as possible to keep the tenants happy. 

Look for a property manager with experience, strong communication skills, and a profit-driven mindset!