I have a confession to make. (No, this is not a lead in to a Foo Fighters song.) Somewhere last week and this week I have failed miserably in the communication to an owner of seven properties we manage. I thought I was being clear. But based on what I’m hearing from one of our staff and the nature of the client’s questions, I know I’ve failed.
But here is the message: You have to occasionally spend money on your rental properties.
We want our investment owners to make as much money as possible on their income properties. But after you’ve owned property for a number of years things need updating, bushes and trees need trimming, items that slowly fall in to disrepair need repairing.
This doesn’t have to happen all at once. But if you want the full value of your rental property on down the line in terms of maximum rents and resale value, it’s is a must.
I just need to start all over again with this owner and be sure I have communicated completely this need. But ultimately it’s the owner’s money and the owner’s decision.