Make The Most Of Your Property Maintenance Budget
Property maintenance is a significant expense for rental property owners, which means that it’s critical to the profitability of that rental that you make smart decisions about what maintenance projects to do and when to do them. Some issues are required by law, and you have to take care of them whenever the need arises: electrical, heating, and safety issues, for example. Other issues, though, may not be legally required, but they’ll help you attract tenants faster and keep them longer, which cuts your costs.
Do As Much As You Can When Units Are Empty
In addition to the required work you need to get done before a new tenant moves in, you may want to consider vacant periods as an opportunity to get other maintenance projects done efficiently and likely at a lower cost than when the unit is occupied. With tenants in place, you or your workers will have to work around their schedule, personal property, and the occupants themselves to get your work done. In an empty unit, you can take advantage of discounted rates when the trades you need to hire are slower: early morning, mid-week, or last call of the day. Get the roof inspected and have any needed repairs done, and have pest control work done while there’s no one to complain about the mess, noise, smell, and inconvenience.
Consider maintenance issues that will help you rent faster and keep good tenants in place longer. Fresh paint, replacing outdated or inefficient bathroom fixtures and kitchen appliances, updating light fixtures, and cleaning and repairing or replacing carpet can all go a long way to making tenants want to move in and stay put.
Professional Rental Property Management For Deeper Savings
When you work with a rental property management company, you gain advantages when it comes to property maintenance, among other vital issues. Belmont Management Group has negotiated rates with the vendors and contractors who provide the services and materials we use to keep our clients’ rental properties in top shape. For owners, that means that when your property needs repairs or maintenance, you’ll almost always pay less than you would on your own. Call or contact us online to learn more about how working with Belmont Management Group can make your rental property turn a better profit for you.
Please keep in mind that this is mostly a summary of the important points, but by no means does it constitute or cover all of the requirements of a compliant property maintenance budget.