Maintaining your Miami rental property costs low could be challenging. Here are 4 Ways to Lower Your Miami Rental Property Maintenance Costs:
Pedro Cedeño, Lic. Real Estate Agent, Real Property Management Dade – Miami, FL
Keeping your investment property in the best condition possible is an obtainable goal. With some planning, taking good care of your property won’t require additional effort. It may be a little different than what you are currently doing but it will set you up for success. Here are Miami’s Real Property Management Dade’s recommendations for keeping your maintenance costs low and profits high.
1. Budgeting
Getting caught unprepared for a maintenance emergency is one of the worst things that can happen as a landlord. Setting a budget will give you peace of mind when inevitable issues arise. With rental properties, it’s not a matter of “if”; it’s a matter of “when”. A good rule of thumb is to set aside between one to one and a half months of rent per year depending on the age of the home. Your rental property is your business, and every business needs a budget.
2. Know your Law and Order
Maintaining a property may seem easy – something breaks, you send someone to fix it. Things rarely are that easy when it comes to maintenance. There are many nuances with scheduling, access, insurance, licenses, and who’s liable if something goes wrong. There’s also the possibility of violating state or federal laws. Furthermore, if for some reason things do go sideways, it’s important to document everything and communicate effectively with everyone involved to avoid lawsuits. Needless to say, it’s important to know the rules and regulations before diving into anything!
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3. Answer the phone
Think of your Miami rental property as a business, and the tenant as your customer. When the customer calls, it’s important to respond quickly. The number one reason tenants move is because maintenance requests aren’t answered. When tenants move, costs for owners go up. Ensuring maintenance issues are taken care of quickly also ensures small problems don’t become big expensive ones. Moreover, a well-kept property attracts quality tenants, further lowering costs and increasing profits.
4. Get ready for your next tenants
Even if tenants are happy, you will eventually deal with a vacancy. Taking care of all of the little things during this time will go a long way in making sure your Miami rental property remains in good condition and keep your costs low. Take the proactive approach to maintenance by taking preventative measures by having the heating and cooling systems serviced. Thoroughly check the kitchen and bathrooms for plumbing issues. A clean and functional property is crucial to finding new tenants so ask yourself as you complete a walk-through; “would I want to live here?”
There you have it – 4 ways to lower your Miami rental property maintenance costs – pretty simple right? Have any tips on how to lower your Miami rental property maintenance costs? 