The job of a property manager is a stressful one and involves proper management of resources in difficult circumstances. Turning around a piece of property which is located in a high-crime area and has a bad record is one of the challenges which a property manager has to face today. Turning over a distressed property is not an easy job, but it can be done, if you follow the right steps and manage your resources in the right manner.
Here is a list of suggestions that you can implement in order to turn around your property and begin your transformation of a distressed property into one which yields significant returns on your investment.
Put the Criminals on Notice
Take a firm stance on criminal activities and violations in and around the property, which will send a firm signal to people that you have got what it takes to make evictions and the necessary actions in the face of adversity. Adopting a zero tolerance attitude towards crime will instill belief in more people and helpfully turn around your property.
Establish Patrols
The biggest factor most people look for in determining a good piece of property is the location and surrounding area of the property. Get into a contract with a company, which can establish patrols to eliminate any suspect activities in and around the establishment, such as removing graffiti, reporting unauthorized vehicles and taking care of any violence in and around the area.
Manage the Parking Lot
It is a good idea to establish a well maintained parking lot for your property, since it will enable your tenants to feel secure. Assign them parking spaces and provide parking stickers. This will help in identifying vehicles which do not belong to the parking lot and also take care of shady individuals trying to get inside your building.
Upgrading Property Access Options
Have security gates installed around your property and have manned guards patrol all the exit and entry points. Not only will this provide security to your tenants, but also instill more confidence in people that your property is a great place to live in.
Get an Alarm System
Install proper lighting on your property and get a good alarm system. Advise all your tenants on how to use the alarm system so that they feel more involved in your system and have more confidence in the property.
