Minimize Expenses, Earn More
Many property owners are plagued with sky high maintenance costs, resulting in lower overall profits. In fact, some landlords struggle to turn a profit at all, thanks to a seemingly never-ending list of repair bills. While things do go wrong from time to time, making repairs unavoidable, there are certain measures you can take to keep your costs more manageable. Use the following tips to get a better grasp on maintenance costs in your rentals.
Invest in Proactive Upgrades
It may feel counterintuitive to spend more money in order to lower costs, but proactively addressing future problems can save you a bundle in the long run. Many homeowners only make upgrades to their rental homes after something goes wrong, but this approach can cause problems to grow ever larger.
For example, if your home’s roof is missing shingles, it’s better to pay to fix it now, as opposed to waiting until the situation is really dire. If you let the issue spin out of control, a few missing shingles could turn into a roof that needs a complete overhaul. The same can be said about many other repairs and upgrades.
Save for Maintenance Costs Every Month
If you have mortgage payments to make or debts to pay off, you’re likely applying your rental income to these obligations. Unfortunately, some homeowners treat any additional funds as extra spending money, rather than putting some aside for a rainy day. Ask yourself, if your rental needed urgent repairs to the tune of several thousand dollars, how would you finance these expenses?
Many landlords are forced to borrow money in this situation, incurring interest, bank fees, and a pile of debt. Instead of finding yourself in these shoes, make a habit of saving a percentage of your income every month for unforeseen circumstances.
Stop Taking the DIY Maintenance Approach
Landlords often turn to property management firms in Colorado for convenience, only to find themselves shocked by lower maintenance bills. The simple reality is that many times a DIY fix costs more money than the same service from a property manager. At Keyrenter, we’re able to negotiate bulk services from vendors and contractors, with rates lower than what you might be able to obtain on your own.
Furthermore, we get the job done right from the start. Many handymen try to patch a problem and hope it does the trick, but we used licensed workers to complete repairs that meet building codes. This saves money in the long run, as the same problem is unlikely to reappear.
Dealing with maintenance costs is simply one of the harsh truths of being a property owner, but don’t be fooled into thinking you have no power over these expenses. By thoughtfully investing into your property’s upkeep, saving for the future, and choosing the right partners, you could save yourself a small fortune over the lifetime of your property.
Want to learn more about our dedicated maintenance services? Give us a call to get started: (720) 739-3000.
I've worked with Key Renter Denver off and on for a number years. I would not hesitate to recommend them to anyone looking for a property management company. Their level of professionalism balanced with compassion is unmatched in the other Denver management companies I've dealt with.
Randal S., Satisfied Client
The team at Keyrenter is really knowledgeable and friendly. I own a large scale portfolio of townhomes and condos in the Denver metro area. The service I receive is as focused as having just having only a handful of units. There are many problems that arise with rental property and it is very reassuring to have trusted adviser to relieve me of those burdens. I have recommended them to several other investors in the Denver area to mange their properties and i have received great feedback!
Micah K., Satisfied Client
Wow has Keyrenter exceeded my expectations! The communication has been phenomenal. The follow up is instantaneous, and everything has been fantastic. They were able to find a tenant within a few days for higher rent than my last tenant! They didn't make any false promises, they just executed on everything they told me. My only regret was waiting this long to get rid of my last company!
Mike P., Satisfied Tenant
I have been working with Brandon and Keyrenter Property for almost two years now. I currently am a tenant and have nothing negative to say about my experience. They have always been quick to get back to me about any issues with the property. Everything is always handled in a very professional manner. I enjoy working with people who care and don't just let me get lost in a corporate mess. Keep up the great work Brandon!
Emily A., Satisfied Tenant
PROVEN AND TRUSTED