Perhaps you have just purchased a unit or decided to use an existing asset to rent, such as your old condo, apartment, home or cottage. You wish to modernize and prepare it for the rental cycle, but you aren’t sure if you should handle the renovations yourself or hire a project coordinator. In this guide we’ll discuss why you should consider hiring a project manager for your rental renovations and how it works.
Renovating a rental can increase revenue, rental longevity and get you better tenants
It’s no secret that a renovated rental is more attractive to your potential customers, but doing so will also increase your potential revenue as you can list it at a higher price due to the upgrades. Additionally, this can contribute to a longer rental time by satisfied tenants and creates less turnover. Lastly, being able to list your unit in a higher value bracket can also lead to better tenants, especially if they are happy with the rental.
Advantages of hiring a project manager for rental renovations
Offloading the renovation tasks to a dedicated project manager is a great way to get things done. If you are using a Property Management Service like The Rent Shop, you can ask your agent to handle these renovations for you!
It’s all about the connections – getting the right contractors
Why spend hours looking for the right contractors for different types of jobs when the expert has all of their phone numbers in their contact book? Not only will you get someone quick to do the required work but you can surely trust that if they are being kept around, it’s because they do a good job.
New concepts, ideas and features
Hiring a project manager will inevitably lead to upgrades and features that you may not have thought of – things that in the end will benefit both your unit and your tenants, which will keep them longer!
Hassle-free renovations
Leaving your project in expert hands means you can make initial decisions and only be consulted when necessary – be as little involved as you wish and get notified at different stages.
Conclusion about hiring a project manager for your rental renovations
Leave the experts in charge and spend the time on the things that matter to you
If you opt to hire a project manager to handle all your renovation needs for your rental unit, chances are you will be increasing the value of your rental, the longevity of rental terms and find better tenants. Additionally, you will gain more time abck and let someone with all the right connections and network do the job right.
