One of the best ways to get better cash flow with your rental property is by doing smart maintenance in Sarasota, FL. Maintenance costs have an impact on the profit you earn on your investment. No landlord likes to spend money on repairs, but if you’re proactive with the maintenance needs of your property, you’ll see a greater return. It will also help you to avoid turnover and vacancy costs because your tenants will be more likely to stay longer in a place that is well maintained.
Inspecting the property on a regular basis will help you keep your maintenance costs down because you’ll know about small problems before they become big problems. Always inspect the house before you put it on the market and make sure it’s in excellent condition. Then, do a complete walk through of the property before a tenant moves in and follow up with regular inspections throughout the tenancy. When you keep an eye on the property this way, you can make sure the tenant is taking good care of it and you can catch up with any maintenance problems that the tenant has not reported.
Typical Problem Areas
There are a few specific things to look for when you’re conducting an inspection. Check for leaks under any sinks and faucets. If you detect any wet areas near your plumbing, take care of it right away. If you avoid these repairs, you’ll open the property up to mold problems. Mold can carry liability issues if your tenants get sick, so you want to avoid mold problems. Make sure the air conditioning filters are being changed regularly. In Florida, the air conditioning is used a lot, so instruct your tenants to change them every month during the summer and every two months in the winter.
Look for signs of insects and pest damage as well. Termites pose huge problems for homeowners. Have the major systems serviced once a year, including the air conditioning system, the heat pump and the roof. These systems are all expensive and you want to make sure you’re doing everything you can to prolong their lifespan.
Many landlords don’t realize that tenant screening has an impact on maintenance costs. When you do your background check, talk to previous landlords and ask how well the tenants took care of their properties. If there was a lot of damage when they moved out, or they made it difficult for landlords to schedule maintenance work, you know your costs will likely be higher with those types of tenants.
Professional property managers should be able to provide you with lower maintenance costs due to the relationships they have with vendors and contractors. Many professionals offer them lower rates because of the amount of work they provide. When those savings are pushed to you, your overall maintenance bill will be a lot smaller in the long term and the short term.
Contact Sarasota Management & Leasing if you have any questions about how to budget for maintenance and what you can do to save money.