Repairs can be one of the costliest parts of being a landlord, and saving money on maintenance is helpful when you own a rental property. These tips for saving on maintenance costs can help you keep your property in good shape without breaking your budget.
Work with a Property Manager
Using a property manager is a good idea because generally, we have leverage over the vendors we use. The volume of work we provide allows us to get better pricing throughout the year, and that can really save you on maintenance costs. If you hire us at PropM, you will save money because we never upcharge maintenance costs. We actually negotiate lower rates for you and pass those savings on to owners because we don’t think property managers should make any money on maintenance.
Vendor Relationships
Work with your vendors. Establish good relationships with a handyman, plumbers and electricians. When you do that, you won’t be afraid to ask for a better price. They’ll generally work with you if they know you have a rental property and they want to count on your business in the future.Preventative Maintenance
Preventative maintenance is a big deal. Take care of the home on the front end, before tenants move in. Make sure you change the filters, check that the toilets are not leaking and inspect things like appliances, doors, windows and furnaces.
This will save you money. It’s worth spending extra time in the beginning of a rental period. Not only will it save you money on maintenance; you’ll also have happier tenants. If you need help trimming costs from your maintenance budget, contact us at PropM, Inc., and we’d be happy to tell you more.
