Renovation Services
Park Avenue Properties has developed an in-house renovation service team in an effort to serve our clients. Quite frankly, we were disappointed in the unreliable handymen-like service firms’ responsiveness to our renovation and maintenance requests. The quality of their work and pricing structure was not a long term, sustainable model for our clients. This said, we took control of this situation by hiring an in-house resource that schedules all maintenance requests for the firm. Our field maintenance personnel work with our in-house resource to address any renovation and/or maintenance needs in a specified priority set by our firm.
Our labor rates are $35-45 per hour and are ultimately based on the number of hours required for the job. We were being charged $60 and up per hour before making the decision to formalize our commitment to provide renovation services. For job-based projects such as painting or carpeting, we are usually 15-20% less than industry rates.
When purchasing distressed properties we are often asked “How much will it cost to make the property market ready?” Our answer is simple. We always strive to recommend properties that are in need of basic cosmetic repair. Most of the homes we recommend to our clients are no more than 3-5 years old. Therefore, the work required is usually carpeting, painting, cleaning, etc. You can usually expect to spend 4% of the contract purchase price on the renovations. The important thing for our clients to understand is that you have the freedom and flexibility to use anyone you choose for the renovations. Our renovation services are optional; however, we have never lost a renovation project to an outside firm. We know what needs to be done to make it viable for the next buyer or renter and we also have the team in place to do it the most cost effective way possible.