As a landlord, it may seem like your profits are always slipping away, lost to the ever-growing expenses of maintaining a rental property. What can you do to minimize the cost of upkeep? Let us share with you five tips on how to cut down on operating expenses.
- Cut Water Consumption. Water consumption is among the most common culprits when it comes to astronomical monthly expenses. As a landlord, you can’t very well look over your tenants’ shoulders and monitor or restrict their water usage directly. However, there are ways to cut consumption to keep costs down, including installation of water-efficient appliances or additions that constrict water flow. Furthermore, keep an eye out for drips or leaks that may be adding to your monthly sum.
- Optimize Your Landscaping. Everybody loves the idea of lush, green landscaping and beautiful gardens, but it can be expensive to keep watered and maintained. In fact, regular landscape maintenance may easily cost up to $300 per month. Consider installing water-efficient plants that consume less water, or ditch the flora entirely in favor of hardscaping. Pave patios, set up walkways, lay stones, and spread mulch to create a different kind of landscape that is much easier and cheaper to maintain.
- Practice Preventative Maintenance. All too often, landlords avoid regular maintenance to keep costs down. Unfortunately, a lack of preventative maintenance means that a bigger, more costly maintenance issue is much more likely to occur in the future. If you really want to keep your overall costs down, then you’ll spend a little now to protect your budget down the road.
- Stay Energy Efficient. There are so many ways that homeowners and landlords can make their space energy efficient. Change your lightbulbs to LED, make sure that your space is well insulated, clean your air filters, and even install timers and sensors to prevent lights and appliances from being left on.
- Get Multiple Quotes. While it may be easier and more convenient to stick with the contractor or vendor that you know, it’s not a bad idea to shop around. You may be able to find the same service for a lower rate, saving yourself money in the long run.
Talley Properties is dedicated to making sure that our clients are receiving the maximum return on investment. That includes performing regular maintenance, finding the lowest rates, and employing energy-efficient tactics throughout the homes. With Talley on your side, you’re sure to turn your rental property into a profitable investment. Contact us today to learn more about Charlotte’s best property management agency!