There are many ways landlords can save money on their Bay View rental properties. To bring more value to the property you must make upgrades and repairs. You can find ways to save money making repairs in order to always keep your property in tip-top shape. Learn more about our cost-saving techniques in our latest post.
Repairs aren’t necessarily the place where you want to skimp on costs. However, there are some great ways you can save money on repair costs for your Bay View rentals. Below, learn about some of our favorite ways landlords can save money making repairs on your Bay View investment properties.
Build A Team
Partner up with some contractors who you can call again when you need their services again. This way you will know that the repairs are done by someone who knows their job and who you trust. You won’t have to worry about the contractors not being ethical or doing repairs the wrong way. Another good idea is to have a cleanup team available, as someone will have to tidy everything up after the repairs are done. Having a go-to cleaning service is the secret of every good landlord.
Deal With Scheduling Repairs Yourself
Never leave tenants handle the repairs by themselves. This is the same as giving them your credit card and letting them spend how much they’d like. They won’t be worrying about saving money for you, they will only think about making the necessary repairs. If you want your repairs to be done the right way and for the right amount of money, you should handle the repairs by yourself. If your tenant was the one responsible for choosing the vendor, you might end up paying for poor service, which in return will mean that new repairs will be sooner than planned.
Screen Your Tenants Thoroughly
Sometimes the repairs are needed because your tenant caused the damage. One way to avoid such problems is to ensure you are screening your tenants thoroughly. Talk to your prospective tenant’s past landlords, and run background checks on anyone who will be living in your home. Even if you know the person who wants to move in, don’t assume they will take as good care of your property as you need them to. Always encourage your tenants to report any problems or unusual things they are noticing. If your tenant is able to help you discover a leak right away, you will be able to save thousands in water damage costs you may have otherwise been forced to face.
Make The Repairs Yourself
You don’t need to be a carpenter or plumber to deal with basic repairs the property needs. Many things can be handled on your own with just a little elbow grease. Of course, this should only be done if you are confident in your abilities and know what you are doing. Don’t bite off more than you can chew or you are likely going to find yourself with even more repairs to make! Know when to call in a professional and when it makes more sense to handle it on your own. Sometimes the DIY aspects of being a landlord can appear unglamorous, but when you see that tremendous ROI, it suddenly won’t seem to matter so much.
Landlords face many costs over the life of their investment. By being able to make repairs in a cost-efficient manner, landlords can save money, and put more of their profits in their pockets.