How Our Property Services Add Value to Your Rental Property

California boasts the 5th largest economy in the world. Its housing market is fiercely competitive and among the most expensive in the country with an average apartment priced at $586,659 (please verify that this is accurate, it seems very low to me but I don’t know). Zillow even calculates that it will increase by 7.6% next year. To keep up with the real estate market’s inflation, a property owner  can make their existing property more marketable with higher rents, continuous occupancy, and maximized profits. An efficient strategy to increase its value is repositioning through renovations and necessary improvements. At Beach Front Property Management, we provide all types of property services equipped with the highest and best use analysis.

Types of Property Services for Repositioning: What We Provide

1. Cosmetic Services

Cosmetic repositioning involves changing the overall aesthetics of the property . There are many simple ways to upgrade the appeal through this type of property service. Landscaping the surrounding area of the house, changing its exterior finish, resurfacing the parking lot, and re-painting the units’  interiors, leave a lasting impression.

2. Structural Services

This kind of repositioning service requires more expenses. However, it can yield the most profits. Common structural changes to a property’s layout include creating a swimming pool, adding a level, creating a recreation room, and adding a backyard.

3. Operational Services

This service is crucial for effective repositioning of the property. If you are unhappy with a tenant or even if your property is vacant despite having a management service, you can always hire a dependable management team. We provide great operational services to help you find reliable tenants through our extensive market research.

Factors to Consider While Repositioning Your Investment Property With Property Services

1. Class of neighborhood

If your property is situated in a Class C area, too expensive structural or cosmetic enhancements will not increase your rental rates. It is important to understand the class of the neighborhood and tenant base to make improvements accordingly.  

2. Understanding the competition to raise the rent

If you have repositioned your investment property  recently, you cannot expect tenants to pay you higher than what is trending in the market. Properties similar to yours may be renting out for less. For that, you have us. We can provide you with proper data analysis to put your property on rent at competitive rates.

3. Estimating the right expenses with the right planning

Repositioning of a property involves different degrees of expenses and planning. You must plan what aspect of the property  you are going to enhance. For instance, you can assume cosmetic services will not cost you as much as structural services. However, you need to be certain that you have the expenses sorted for not only resurfacing the parking area but also repainting the whole house.

Top Practices & Benefits of Property Services for Repositioning

1. Replacing old electrical systems 

If you have an old property that still runs on the older HVAC system, it is time to replace it, rather than repairing it frequently. You need to go for an energy-efficient one, which can save up to 20% of the overall costs. With such reduced utility expenses, you can certainly expect a higher return.

2. Improving the quality of living 

When your units are  well-maintained and feature high-quality fixtures and finishes, tenants will be willing to pay higher rents. For tenants with high disposable incomes, you can increase the quality of living through additional services such as laundry machines, carports, etc.

3. Well-managed property 

Tenants are more drawn to stay in well-managed properties. Property management services ensure timely monitoring of the apartment building . A good management team can also find you reliable tenants who will stay without breaking lease agreements. This will save your time and property maintenance costs.

Get the Best Property Services for Repositioning Your Investment Property 

In California, you can always rely on Beach Front Property Management Inc. We offer dedicated teams who can reposition your investment property with timely and efficient services. Let us help you get better returns!