There are many ways landlords can save money on their Fort Myers 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 Fort Myers rentals. Below, learn about some of our favorite ways landlords can save money making repairs on your Fort Myers investment properties.
Build A Team
Building strong relationships with them goes a long way in ensuring a smooth and successful experience, especially for landlords who frequently deal with repairs and maintenance. Imagine the peace of mind that comes from knowing you have a plumber you can trust to fix a leaky faucet without cutting corners, or an electrician who can troubleshoot electrical problems quickly and efficiently. By cultivating these partnerships, you can avoid the stress and hassle of dealing with unreliable contractors who do shoddy work or leave messes behind. Having a trusted cleaning service on call can further streamline the process, ensuring a thorough cleaning after each repair job so your property remains spotless for tenants. In short, reliable contractors are an invaluable asset for any landlord, saving you time, money, and frustration in the long run.
Deal With Scheduling Repairs Yourself
Involving tenants in repairs can be risky business. Imagine handing them a blank check for your property’s well-being. Their primary concern will naturally be getting the issue resolved quickly, not necessarily finding the most cost-effective solution. This could lead to them hiring the first available contractor, potentially overlooking qualified professionals who might offer better rates or a higher standard of work. By taking control of the repairs yourself, you can find reliable workers who prioritize quality and fair pricing. This allows you to ensure the job is done right the first time, meeting your specific standards. If the tenant had chosen the vendor, you might end up stuck with subpar work and the associated costs of repairs done poorly. Taking charge of the repairs empowers you to safeguard your investment and maintain the quality of your property.
Screen Your Tenants Thoroughly
Thorough tenant screening is your first line of defense against preventable repairs. It involves going beyond just the application and credit check. By contacting previous landlords, you gain valuable insights into the applicant’s history of property care and responsibility. Did they leave the previous rental in good condition? Did they address minor issues promptly, or did they let them snowball into bigger problems? Background checks can also reveal red flags like evictions or a history of property damage. Even if you know the applicant personally, resist the temptation to skip these steps. Friends and family can still make unintentional mistakes, and a formal screening process ensures everyone is on the same page.
But screening is just one piece of the puzzle. Building open communication with your tenants is equally important. Encourage them to report any issues they encounter, no matter how small. A dripping faucet might seem insignificant, but left unaddressed, it can lead to a major water leak and costly repairs. By fostering a culture of open communication, you empower your tenants to be your partners in property care, preventing minor problems from escalating into expensive fixes.
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.