Keeping your rental home in great condition is an important consideration as a property owner, but maintenance fees can make a significant impact on your profit margin. Many landlords are tempted to forego maintenance altogether, in an effort to cut corners and keep revenue elevated. Unfortunately, this strategy rarely proves beneficial over the longterm, and in many cases, this approach hurts future rental potential. From a home’s HVAC systems to its appliances, decor, and plumbing, it’s important to keep a close eye on a rental property’s health as it ages. The following simple keys make it possible for property owners to keep costs low without neglecting their investment.
Planning for Future Costs
It’s easy to keep your attention squarely focused on the short term, but large repairs and replacements are inevitable at some point. Don’t let yourself be caught off guard by a pricey bill. Instead, make a realistic game plan for updating your property, and be sure to place money aside each month to cover future expenses. It’s tempting to sow all of your profits into mortgage payments and management expenses, but budgeting efficiently will prove immensely beneficial over the life of the property.
Research Local Ordinances & Codes
Every jurisdiction has unique housing codes and regulations that govern the tenant-landlord relationship. As the specifics of these legal requirements vary from place to place, it’s important to carefully research which laws are applicable for your property investments. Ignoring these requirements could have serious legal and financial repercussions. Furthermore, be certain to ensure your property insurance meets the minimum standards in your local area.
Responding to Repair Requests
When a tenant signals a problem within their apartment, it’s important to respond efficiently. Not only can problems escalate as time goes on, but you risk angering your tenants if you fail to resolve their concerns. Unhappy renters respect the property less and are unlikely to renew their lease when the time comes. Combat these issues by working to respond to complaints promptly, and when necessary, shell out for repairs and replacements. This strategy works to placate tenants and simultaneously protect the health of your investment.
Maintenance costs are one of the expenses associated with owning real estate, but you don’t shouldn’t have to feel overwhelmed by these bills. By planning for future expenses, respecting local legislation, and responding to complaints quickly, you can work to make certain your property stays profitable and healthy.
Feeling overwhelmed by the responsibilities on your plate? Why not partner with Nest Finders Property Management and let our team handle your apartments in Jacksonville? We enjoy partnerships with vendors across Greater Jacksonville, and we pass our wholesale prices on to you. Our efficient hands-on approach to ongoing maintenance has helped hundreds of local homeowners keep more dollars in their pockets.
Call us today to schedule an appointment.