Whether you’re new to property management or if you’ve been in the business for years, chances are you’ve been wondering how to keep your rental property in tip-top shape. Having a unit that requires limited maintenance each time you search for a new tenant can make a big difference when it comes to your bottom line, because the money you sink into maintaining your apartment is money you’re leaving on the table. Especially when you consider that the average cost of a plumbing job is somewhere between $175 and $450, unnecessary repairs and maintenance fees can cost you a significant portion of a tenant’s monthly rental payment. If you’d like to avoid superfluous costs as a landlord, here are some tips to help your rental last.
Invest in your unit
If the appliances in your apartment are cheap, chances are high that they will require more of your money in the long run. While the cost of a higher-end refrigerator or washer and dryer may be more expensive at the outset, if you end up buying a lower cost model that requires repairs or replacement after only a year or two, you’ve wasted money. This advice applies to other aspects of your unit, too, such as hardware. If you invest in countertops or cabinetry with solid construction, you can bet that you won’t need to replace it anytime soon. If you’re looking for sturdy kitchen cabinets Des Moines, reputable workmanship means stability and affordability.
Doing your homework and researching manufacturers known for reliability, great warranties, and long product life can be a major boon if you’re interested in keeping repairs in your apartment to a minimum over the life of the unit.
Hire third-party contractors
Of course, the time will inevitably come when you do need to find someone to handle repairs in your apartment unit. While it can be tempting to try to fix something yourself or find a friend to do the job for you so that you can save a little money, it’s a much better choice to go with a professional and get the job done correctly the first time. Many times, landlords and property managers may think that they’ve diagnosed the problem correctly, only to make matters worse by trying to fix the problem. In these scenarios, hiring a professional handyman to service your apartment will likely run you even more money, negating the point of your trying to make the repair yourself in the first place. Do yourself a favor and search for reliable contractors online so that you can get the job done properly the first time; this will save you money later on by preventing further damages.
Lease to reliable tenants
One final way to protect your rental is to lease to individuals who will respect your property. A simple way to get a good impression of how responsible your applicants will be is to use tenant screening software before you sign a lease. Running a background check of your tenants can give you a better picture of their financial habits by showing you their credit score. It will also alert you if applicants have criminal history, any evictions, or any other marks on their public record. While one of these may only warrant a conversation, multiple red flags may be a sign that you should avoid renting to that tenant. After all, if you’re taking a chance on a tenant, you’re also taking a chance on the fees associated with evicting and repairing an apartment unit in disarray.
One of the easiest ways to keep your profit margins high as a landlord is to keep your costs low. By leasing to reliable tenants, hiring experienced handymen to handle repairs to your unit, and investing in your unit from the get-go, you’ll be able to create a sustainable business in property management. Take advantage of free services including tenant screening software, and you’ll be well on your way to sustaining your business for decades to come.
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