Property management Charlotte, NC should have a specific plan for reducing repair and maintenance costs, since they are the main expenses that eat into the profits and lower ROI. Here are few tips for forming an effective plan to keep a check on these expenses.
Effective Background Check
The first step for limiting costly repairs and maintenance is to have an effective process for performing background check of prospective tenants. Certain people are quite destructive, and the tenants who cause the most destruction are mostly repeat offenders. Such people habitually keep moving to various properties, damaging living units, and losing their deposit in the process.
The best way to find such behavior is to call the property owner or manager, where the person lived previously. Many property managers overlook this aspect when they find the finances and employment of the prospect is secure. This can be a costly and an alarming mistake when the tenant turns out to be messy and destructive.
Tenant Proofing the Property
It is a fact that even the best tenants will not care that much for their rental apartment or space, since they do not own them. Even if you are successful in weeding out the destructive prospects, you can expect some careless and messy behavior from tenants that could leave the unit somewhat damaged. You can simply reflect on how a college student would treat his first apartment or a young couple with a couple of children in the unit.
This will give you a significant idea as to what you should do to reduce repairs and maintenance. Think of installing products only made from durable materials right from the beginning. However, you should not compromise on the looks of the unit. For instance, a long-lasting reasonably priced carpet is easily replaceable and it enhances the looks of the unit as well.
Rely on Professional Services
It is better to rely on professional services for certain maintenance and repair tasks, rather than asking the tenant to do such tasks. For instance, for roof repairs or removing fungal infestation hire a professional service, and include such costs in the rent. Experienced property management Charlotte, NC, will know how much such repair and maintenance tasks will pop up in a year, and will form an effective rent structure to cover such expenses. The tenant will not know that he or she is being charged for such services, and property management will be able to hire a professional service to take care of the issue effectively, which will reduce the costs over the long term.
Warranties or Insurance for Appliances
Even if you have installed the best appliances of top brands, they will eventually have issues and you need to repair them. Cost of appliance repair can be a huge expense, even if it is a small property, and getting professional repair service may not be easy within a reasonable time. Hence, it is always better to have a contract with an appliance repair company that will insure various appliances, against repairs. This way you not only are able to complete the repairs on time, but also lower the overall repair costs over time.