One approach is to make physical improvements to the entire property, such as upgrading the HVAC system to improve energy efficiency, or simply replacing the roof. These improvements can increase the value of the property and make it more attractive to potential tenants, buyers or yield a higher valuation with the bank.
Another approach is to upgrade the individual units by doing aesthetic renovations. This will increase the rental rate and therefore the value of the building.
A strategy to increase revenue is to optimize the property’s occupancy and revenue streams. This could involve developing a more effective marketing strategy, improving property management practices to reduce vacancies and turnover, implementing yearly rent increases or adding additional revenue streams such as charging for parking or offering amenities such as paid laundry rooms.
We provide monthly reports that outline all property costs. We analyse the them regularly to identify where we can be more efficient with our expenses.
Other strategies we follow to be more cost efficient include renegotiating service contracts, leveraging technology to save time and improve communication, and implementing preventive maintenance to ensure that we identify potential issues before they become major problems.