Investing in a rental property is a commitment, and requires proper care and devotion to enable it to become profitable. Maintaining and managing a property can be expensive, but these two simple cost-cutting measures can help you reduce your overhead and make a solid return on investment.
Reduce Home Maintenance Service Costs by fixing small maintenance problems yourself
Quality of living is a very important factor to your residents, and therefore it’s essential to ensure that maintenance issues are resolved quickly and efficiently, especially when the issues involve structural problems and water damage. Toilet leaks, major dry wall cracking, and roofing related issues require immediate attention and need to be fixed properly and quickly without a delay.
Normally you would utilize the services of a handyman or professional, but honestly, the vast majority of home maintenance tasks you can accomplish with relative ease yourself. For specialized maintenance consider hiring a professional, but fixing run-of-the-mill issues yourself is a great way to cut down on those costs. Taking up the repair duties will obviously demand more of your time and physical exertion, but it’s a nice way to drastically reduce the costs generally associated with home maintenance.
Opt for a Resident Manager Instead of a Management Company
This is contingent upon the number of properties you’re attempting to manage. If you don’t feel you can effectively run the place yourself, consider hiring a Resident Manager to focus on the daily duties. He/ she will be tasked with acquiring new tenants, monthly billings, and maintenance (a nice solution for the aforementioned reduction of home maintenance costs).
Management companies are far more expensive and not always the ideal solution. From a cost-effective standpoint, if you cannot attend to all the management needs, hiring a singular individual makes more sense as opposed to a company.
Rental properties are long-term investments, and reducing home maintenance costs by either fixing small problems yourself or by hiring a Resident Manager instead of a Management Company you can save lots of money, reduce your overhead significantly and experience profitability sooner rather than later.
Author Bio: Trevor enjoys writing about home improvement and the housing industry’s continuous innovations. He’s currently marveling at the efficiency of geothermal heat pumps.