Over the past few years, you've seen the strength of your apartment building falter. It used to generate income splendidly, and you had a wait list for your units a mile long. Now, it's nowhere near like that. Your vacancy rate is much higher than you'd like it to be. Your out-of-pocket expenses keep growing, your tenant turnover is high, and you've had to make more than one cash call to other investors that aren't too happy with you.
These problems aren't the result of market conditions. They're the result of some iffy decisions and a sign you need some help. If you don't want your real estate investment to fail, you need to get your building assessed so the problems—and their causes—can be fixed.
Advantages of Assessing Your Apartment Building
If you're truly in the dark about your apartment building, a professional assessment of it will definitely shine a bright spotlight on the management challenges you're currently facing. Wouldn't it be nice to have a professional assess your apartment building for free? An assessment like this would help strengthen your investment and generate money as it did back in the good old days. Once it has been completed, you can create a plan to make it better and tackle each problem head on. Once all is said and done, an assessment of your apartment building will help you save money in the long run by chopping your expenses and increasing your total profit.
If your apartment building investment performance is still going strong, but you would like to see what can be improved upon, an assessment will help you be proactive. A professional eye will help you identify areas that are slightly weaker than others. You can then focus more attention on them before they cause too much trouble for you and your building.
How Often Should You Assess Your Apartment Building?
The answer to this question is dependent on the person or company performing the assessment. When done by a professional, like a property management company, a performance assessment should be conducted every three to five years. If a performance assessment is done by yourself or someone not of a professional nature, it should be done more frequently.
If there is a drastic change in market conditions (good or bad), a performance assessment should be completed at this time, too. Here, an assessment can still help you be proactive while preparing for the worst or the best. A performance assessment can ensure your apartment building will weather a raging store or reach its full potential under ideal growing conditions.
Who can do a Performance Assessment of Your Apartment Building?
If you want a performance assessment done on your apartment building, Braden Equities Inc. can be of assistance. Braden Equities Inc. is a property management company that's been in operation over 40 years. Our management style is tailored to the unique needs of each one of our clients and investors, and we firmly believe that paying attention to the details can make all the difference in a property and project.
Our investors have seen a great deal of success with their properties under our management, and we would like to help improve your real estate portfolio, too. We will assess your apartment building for free and follow up with you regarding a course of action.
Performance assessments for apartment buildings are a great way to determine what factors are causing problems for your property. A professionally done assessment will allow you to be proactive and will increase your profits and reduce your expenses.