Keep up on Repairs
The longer you wait on repairs, the more expensive and extensive they become. Physical issues at a property tend to just worsen over time and then need to be done quickly.
If repairs are taken care of in a timely fashion and before they are too extensive, this will ultimately save you money in the long run.
Inspect Property Annually
This not only keeps tenants on their toes and keeps them accountable; it shows them that you actually care about the property. This also allows you to see how the property looks and encourage the tenants to let you know if there are any issues they haven’t brought up. This will not only help you keep the property in good condition but also keep an eye on the tenant and see if there is anything going on that may not be permitted.
It is thought by many landlords to not allow pets at their rental properties. While this opinion is understandable something to consider is More than two-thirds (68%) of American households own a pet. If you aren’t open to pets, you are ultimately automatically turning away about 32% of possible renters. It’s better to simply regulate pets, collect pet rent, pet deposits and specify what kind/size/breed of pet you allow.
Set Aside Money
You should always have a cash reserve. Most expenses don’t come evenly every month; they tend to happen at the same time in sudden bursts. It’s important for investors to set aside a certain amount of their rental income every month to cover large expenses that may come up or vacancies.
Working with a property manager who understands the business and can help advise, assist and handle a lot of these items can be extremely beneficial. Check out our services and contact us today for more information about managing your investments!