Getting Out Of the Money Pit: 4 Ways to Lower Your Property Maintenance Costs
Property management in Chicago comes with its own set of unique challenges. However, maintaining your property to keep it in pristine condition is something that every investment property owner in Chicago needs to do. The good news is that with a little planning and some smart decisions, taking good care of your property won’t require significant extra effort. Instead, it will just take some new habits and a few changes to the way you are already doing things. Here are 4 ways Real Property Management Chicago Edge in Chicago can keep maintenance costs low and tenant satisfaction high.
- Budget. Budget. Budget.
The worst thing you can do as an investment property owner is to be caught unprepared for an emergency or maintenance request. Set aside some money every month for inevitable issues so that when something does come up (and let’s be honest, it will), you’ll be ready for it. Additionally, by using that fund to pay for repairs, you can keep your costs low by keeping payments like this off an interest accruing credit card.
- Know your Law and Order
Sending someone to fix a problem at one of your properties sounds easy. However, there are some repairs that require a licensed professional with credentials, otherwise you could be in violation of federal or state law. Furthermore, most repairs require documentation of the communication between the landlord and tenant in order to avoid lawsuits. Be sure you know the rules and regulations before you dive into anything!
- Answer the phone
When your tenant calls, pick up the phone – no matter when it is. If you respond promptly to your maintenance requests, you’ll have happy tenants. Even better, you’ll have the opportunity to take care of any problem before they become larger issues. That means a well-kept property that will attract quality tenants for years to come.
- 4. Get ready for a show
When you switch tenants, it’s a good idea to do all the little stuff before you put the home back up for a booking. That means light fixtures need to be switched out, along with filters, a detailed clean—carpets, windows, etc.—as well as maintenance on all of the utilities and HVAC. Regular turnover maintenance can go a long way in keeping your home in the best possible condition.
There you have it – our tips to help keep your property management costs low. What are some of the strategies you employ to lower your property management costs?