It could cost you as much as $1,000 to paint a room in your rental properties. With costs rising due to inflation, controlling rental property maintenance costs is essential. Why spend more than you must?
You can get a handle on several rental property maintenance costs in several ways, including using a property management company and preventative maintenance. Also, get a hold of your energy use.
Here's more on reducing rental property maintenance costs.
Use a Property Management Company
Professional property management companies keep on top of things such as wear and tear on a building and regular upkeep.
As a silent investor or someone involved in a real estate investment company, you won't have time to keep up with regular maintenance. These professionals will hire partners, electricians, and landscapers. And in emergencies, they will handle any calls.
Preventative Property Maintenance
As part of your property maintenance strategy, get on top of things before they break. Respond to any problems immediately.
For example, preventative property maintenance means cutting down a tree before it falls. It also means replacing a water heater before it breaks. Make these things part of your rental property maintenance routine.
A property maintenance strategy should also include cleaning gutters and checking for leaks.
Fixing these things before there's an emergency eases your property maintenance budget. Check the HVAC system. Make sure that after something breaks, it's set correctly.
Control Your Energy Use
Part of your rental property maintenance routine should include upgrading old appliances. Newer items are more energy efficient. Appliances may cost more but will save you over the long term.
Consider upgrading to smart thermostats, which can also save on energy bills. An app allows you to set the temperature remotely. Why keep the heat or AC on when no one is home?
Your property maintenance budget should also include replacing old windows. Heat loss through windows can cost you up to 30 percent. In addition to saving money, energy-efficient windows make apartments more livable.
Other ways to improve energy use include switching out lightbulbs and replacing air filters.
Rental property maintenance software tracks how much you pay monthly for utilities. Save time and money.
The software improves efficiency. You can also streamline accounts, allowing you to communicate more effectively with tenants. Sometimes, you don't realize what you're spending until you see it in black and white.
Rental property maintenance software schedules preventative maintenance. It will help you extend the lifespan of your HVAC and water heater.
Tips for Reducing Rental Property Maintenance Costs
Ways to reduce rental property maintenance costs include hiring a property management company and doing preventative property maintenance. Also, control your energy use. Computer software helps keep track of expenses.
Contact us today to help you save on property maintenance costs. We are a full-service rental company that can help you with property management. Let us handle the management of your property today!