Being a landlord is not an easy job. You have to make sure renters are paying you each month, and you often need to maintain your rental properties. This can take a lot of money and a lot of work, resulting in little profits. However, these improvements should be made—and most good landlords try. By adding new features and improvements to your investment property, you will likely hang on to good renters for a longer period. This all comes from excellent communication and hard work. Keeping your property high-quality will shape your public appearance and increase your long-term profitability.
Make Sure You Have Good Insurance
Finding good insurance on your property can grant you peace of mind. As a property manager, you do not know everything about your renters, and they may treat your property awfully. This can cause you unnecessary stress.
Without insurance, you have every reason to worry about damages and costs that will be applied to you. With insurance, you can report the damages to your insurance company, and they can cover most (or at least part) of the problem. Shop around with different insurance companies and see what they can offer you. After doing your research, you can then buy the plan that suits your interests.
Keep Track of Reported Issues
To fix the problems found on your property, you need to keep track of issues reported by your renters. Without creating a written record of all reported issues, you may not find out about problems soon enough to prevent excessive damage.
Start by writing the most recent problems and when (or if) they have been fixed. Continue to build on this list as more requests come in. You will likely see trends in certain apartments, which can give you an idea of where to allocate renovation money. Save this document to a cloud or other digital space to prevent it from being lost.
Work with the Experts
If you are a property manager, you might not be a handyman. You should take time to familiarize yourself with specialists in your area—particularly electricians, plumbers, renovators, and cleaners. Once you record problems, you will have a specific person to call.
Thankfully, the Internet has several methods for you to hire high-quality workers in your area. Pay attention to reviews and create a personalized list of your preferred specialists. By making friends and supporting local companies, you will be able to find the best deals possible and keep your business above the water. Do what is best for your business.
Take Care of the Roof
You should be on the lookout for signs to replace your house roof. The roof is one of the most important parts of a home, as it protects from the weather and can be hazardous if not supported. You should ask your renters regularly if they have noticed any cracks or leaks in the roof.
If you own older properties, there is a high chance the roof will need re-shingling. This should be done every 10–15 years depending on the quality of the job. Making these efforts will prevent leaks, sun damage, and a weakened roof.Your renters will appreciate the care you put into these renovations processes for their safety and comfort.
Plan to Reinvest
While you need to take some of the money you get from renters and work it into your paycheck, you should always allocate some money for reinvesting into your properties. Your job as a landlord is to provide a high-quality home for your residents.
As such, you need to make sure that renovation projects can get done so you keep your renters satisfied. You should hire cleaners for deep cleaning of the rooms and floors. You also might need to hire professionals to inspect the property. Some landlords hire lawn care workers to keep the property looking nice. It is the little things that bring in new customers.
Keeping a trained eye on the properties you manage. You should be holding frequent inspections to make sure you are receiving information about your property’s quality and cleanliness. They can monitor any damages that need to be fixed, and can learn your renters’ concerns about the property.
If you do not want to hire an inspector every time, hand out a checklist of inspections for your renters to make. This can give you an idea of when problems started to occur, which can add to your timeline mentioned in step two. Consistent inspections will prevent any surprises from coming to fruition down the road.
Fill in the Cracks
Inspections will hopefully prevent this from happening, but cracks in your property’s foundation and cracks in door frames and windows can be devastating. As soon as you see a crack, you should fill it, or hire a professional. If you notice it in the basement of the house, it might be even more drastic.
For less serious cracks, you may need to hire someone to add additional weatherstripping to your windows and door frames. Cracked windows should be replaced fast, as it does not make the property visually appealing, and may let in cold drafts. This reduces the likelihood of long-term renters staying.
Lower Utility Prices
You should be finding ways to reduce the cost of electricity and water from your property. This may be less of a priority for you, but finding ways it can help you keep long-term renters. If you are offering a fixed rate for utilities, the money might be coming from your pocket instead of your renter’s.
Talk with the city and see why the bills were so high. If an electrical bill was higher than usual, see what you can do to mitigate that. Replace inefficient products, improve insulation—the list goes on. A lower utility price for your renter means less of a problem for you.
Being a property manager is hard work. However, as you invest time and money into providing the best service possible for your renters, you will gain their loyalty. This, plus consistent efforts to improve your customers’ experiences will provide you with satisfaction in your job and huge profitability. Your investment property can and should be something you are proud of.
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