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
Establish partnerships with reliable contractors whom you can consistently rely on. This ensures peace of mind, knowing that repairs are executed properly and that you’re working with trustworthy individuals. By cultivating these relationships, you can avoid concerns about subpar workmanship or incorrect repairs. Additionally, having a dedicated team on standby for cleanup post-repairs is beneficial. Every adept landlord should have a trusted cleaning service readily available to ensure thorough and efficient cleanup after maintenance tasks are completed.
Deal With Scheduling Repairs Yourself
When you leave the repairs up to the tenants, it is like handing them a blank check. They aren’t going to be worried about saving you money, they are going to worry about getting the problem fixed. If you want your repairs done right and done at a fair price, it is best for you to handle them yourself, finding your own people to do the job. Once the repairs are completed, you can make sure they are up to your level of satisfaction. If your tenant had chosen the vendor, you might find yourself having to pay for poor workmanship.
Screen Your Tenants Thoroughly
To prevent repairs necessitated by tenant damage, it’s crucial to conduct thorough tenant screenings. This involves communicating with prospective tenants’ previous landlords and conducting background checks on all individuals who will reside in your property. Even if you’re familiar with a potential tenant, don’t assume they’ll maintain your property to your standards. Encourage open communication with your tenants, urging them to report any issues or anomalies promptly. Timely reporting, such as identifying leaks early on, can save you thousands in potential water damage costs that might otherwise accrue.
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.