What is a common strategy used to manage aging properties?

Implementing a regular maintenance schedule is a highly effective strategy for managing aging properties because it allows property managers to address maintenance and repair issues before they escalate into more significant problems. Regular maintenance not only extends the life of the property's systems and structures but also enhances tenant satisfaction by ensuring that the living environment remains safe, functional, and appealing. This proactive approach can significantly reduce emergency repair costs and improve overall operational efficiency. Furthermore, maintaining the property well can lead to better tenant retention, as residents are more likely to stay in a well-kept environment, which is vital for the long-term sustainability of the property.