Rental property repair and management costs are one of the many expenses that you cannot escape when managing a rental property, so this week’s maintenance tip from Keepe shows some ways to save.
From a sudden breakdown of the HVAC unit to termite infestation, rental properties require continuous maintenance.
While it is essential to embark on regular property maintenance, this doesn’t come cheap. Sometimes, maintenance may cost you thousands of dollars, which eats deep into your potential rental income.
In this article, we will discuss four ways you can reduce your rental property maintenance and repair costs.
No. 1 – Regulate Tenant Selection
While this may seem like a reasonable thing to do, you’d be surprised at the number of property managers that rarely carry out background checks on their potential tenants. Some tenants are fond of trashing their rented apartment and losing the deposit. A simple call to a tenant’s previous landlord may save you thousands of dollars in repair costs. You can also request credible references before renting out your property to tenants.
No. 2 – Do Preventive Maintenance
As a property manager, engaging in preventive maintenance is a must. Not only does it help you reduce maintenance costs, but it also helps in preventing future repair issues. Take time out of your busy schedule to test the smoke and fire detectors, maintain heating/cooling systems, clear the gutters, and check for water or gas leaks. By being proactive in your property maintenance duties, you save your property and tenants from unexpected home-related disasters.
No. 3 – Work with a Reliable Vendor
It is important that you collaborate with reputable vendors if you are looking to cut down on maintenance cost. By working with a reputable vendor, you have access to experienced, vetted, and reliable contractors.
No. 4 – Respond to Maintenance Requests Quickly
This is the most essential factor to consider in reducing your rental property maintenance costs. Tenants expect to live in a property that contributes positively to their overall welfare and quality of life. When a tenant signs a lease, the expectation is that the unit he or she has agreed upon is both functional and habitable for them to live in. Therefore, if a tenant returns home from a busy day at the office and the shower or cooling system doesn’t seem to be functional, it would certainly affect tenant satisfaction and retention rate moving forward.
As a property manager, responding on time to your tenant maintenance or repair request not only saves you money but prevents the escalation of repair issues. You can start by creating a maintenance hotline/email, or you can adopt a digitized maintenance platform that updates in real-time. In addition, it is advisable that you have a reliable handyperson that your tenants can reach in the case of an emergency repair issue, such as a gas leak.
Rental property maintenance conclusion
Reducing your rental property maintenance and repair cost is a deliberate effort that offers you long-term rewards.
Applying the above-listed tips will help you reduce your average monthly expenses.