The average rent price for a three-bedroom apartment rose to $2,495 in 2022. That's good news for landlords. But just because rental profits are plentiful, it doesn't mean that landlords are raking in all those profits.
Landlords still have many expenses that can take away from their rental income. Property maintenance is one of the bigger ones. Annually, it can cost just over your tenant's monthly rate.
Read on for five tips to improve your property maintenance strategies. By doing so, you should decrease your expenses in this area.
1. Shop Around For Services
You shouldn't settle for shoddy repair and maintenance work. But you can get high-quality technician services for decent prices. Make sure to get several price quotes from several different services.
Check Service Quality
You should also check the quality of different services as well. Check out the details on each service's website. The best services should at least have insurance coverage, experienced personnel, and good reviews.
All Around Money Saver
Cheaper quotes will help you save money right then. High-quality services will prevent you from having to spend money on several future repairs.
2. Perform Preventative Maintenance
Speaking of saving money on future home repairs, preventative maintenance can help you in this area as well. With this service, technicians will find and repair small issues. This will prevent them from becoming large issues.
Example of Growing Issues
For example, think of a roof that has a hole in it. Rainwater can invade that hole over several months before someone notices it. During that time, that water can cause severe water damage to the home.
Get Those Issues Early
You'll have to pay to repair both the hole and the water damage. You'd probably prefer to pay only for the roof repair. A technician can notice this issue during a maintenance check and fix the issue quickly.
3. Prepare For Property Maintenance
Even with preventative maintenance, property repair is an inevitable part of property management. Keep this in mind and make sure you're prepared for it.
Save Some Funds
Experts suggest that landlords save about three months' rent worth of funds. This can cover any home repairs and other emergencies. It can also keep you going during periods of property vacancy.
For Older Properties
Are your properties older? If so, they will likely require more repair work overtime. Make sure to save more money to prepare for these frequent repairs.
Don't Deny Problems
In addition, don't deny that any problems exist. When a tenant mentions an issue, get it repaired as soon as possible. Your tenant will appreciate this and possibly stay longer.
Property Management Services
Careful property maintenance will keep your tenants happy and prevent periods of vacancy. It will also prevent you from having to spend a lot of money on larger repairs. Overall, you'll end up with more money in your pocket.
Also, if you need help with property management, try our services. We can create the perfect customized program to help you with your specific needs. Learn more about our services by filling out the form on this page.