As a real estate investor, you know that you have to set aside some of the rental income from your tenants for things like maintenance and repairs. As time goes on, you may notice that you’re spending a lot more money than you thought on your property. Here are some simple solutions that can help you to reduce the costs of managing your rental properties.
Make your Units Sustainable
Energy efficiency is nothing new. We all practice it in our homes and we should start in our rental units as well. Simple updates like purchasing more energy-efficient appliances, improving insulation, and installing LEDs instead of incandescent bulbs can make a world of difference.
Practice Preventative Maintenance
Too many rental property owners wait until there’s a problem to fix it. This typically leads to costly repairs that can eat into your income. Instead, do regular checks throughout your units to identify any small problems that can be remedied now before they get worse. This includes things like small leaks that can be fixed before they turn into massive damage.
Work with the Same People
If you don’t do the repair work on your own, then you likely hire a person or company to do the work for you. As long as the work they do is great, consider using them for all your repair needs. The more jobs that a potential person or company will get from you, the more likely they are to give you favorable rates on those repairs and maintenance.
Employ Web-Based Management
If you want to eliminate the cost of a property management firm, you can consider switching to a web-based management system. This type of system will allow you to collect rent from tenants and let them submit a service request when repairs are needed. This can eliminate the need for paying a property management firm as these tasks can be handled via technology.
Install Low-Pressure Water Fixtures
Since most landlords pay for the water bill in states where it’s legal to take out a lien on the home for not paying it, they want to do anything possible to reduce the water bill of their units. Consider installing tamper-proof regulators for the shower. You can install low-pressure water fixtures that can drastically reduce water consumption by your tenants.