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Getting Out Of The Money Pit: 4 Ways To Lower Your Property Maintenance Expenses

Being a rental property owner invariably means having maintenance expenses throughout the year, but we want to give you some tips on minimizing those expenses. Property management in Coeur d’Alene comes with it’s own set of unique challenges. However, maintaining your property to keep it in pristine condition is something that every investment property owner in Coeur d’Alene needs to do. The good news is that with a little planning and some smart decisions, taking good care of your property won’t require significant extra effort or hopefully cost. Instead, it will simply be incorporating a few changes to the way you are already doing things. Here are 4 ways Real Property Management Coeur d’Alene can keep maintenance costs low and tenant satisfaction high.

1. Budget is the magic key

The worst thing you can do as an investment property owner is to be caught unprepared for an emergency or maintenance request. Set aside some money every month for maintenance expenses for inevitable issues so that when something does come up (and let’s be honest, it will), you’ll be ready for it. Additionally, by using that fund to pay for repairs, you can keep your costs low by keeping payments like this off an interest accruing credit card. A good rule of thumb is setting aside 10% of your monthly rent income to maintenance expenses.

2. Know your Law and Order

Sending someone to fix a problem at one of your properties sounds easy, but some jobs require than a general handyman. However, there are some repairs that require a licensed professional with credentials, otherwise you could be in violation of federal or state law. Furthermore, most repairs require documentation of the communication between the landlord and tenant in order to avoid lawsuits. Documentation of intent to enter, timeframe, completion, and expectations are all things that need to have a “paper trail.” Be advised in address maintenance requests and expenses.

3. Answer the phone

When your tenant calls, pick up the phone – no matter when it is. If you respond promptly to your maintenance requests, you’ll have happy tenants. Even better, you’ll have the opportunity to take care of any problem before they become maintenance expenses. That means a well-kept property that will attract quality tenants for years to come.

4. Get ready for a show

When you switch tenants, it’s a good idea to do all the little stuff before you put the home back up for a booking. That means light fixtures need to be switched out, along with filters, a detailed clean—carpets, windows, etc.—as well as maintenance on all of the utilities and HVAC. Regular turnover maintenance can go a long way in keeping your home in the best possible condition and is the perfect to do larger repairs when no one is living in the unit.

There you have it – our tips to help keep your property management expenses low. What are some of the strategies you employ to lower your property management costs? Leave us a comment and let us know.

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