Maintaining a rental property is an expensive endeavour. Although maintenance adds value to your property, if you don’t manage the expense, you’ll find that when calculating the annual cost of maintenance – and comparing it to the increase in property value over time – your profit is marginal. The only way to reverse that realization is to find ways to save on your rental property maintenance cost. Something Antslabor can assist in doing. So, to help you get started, we have created a list of three of our top tips.
Be Quick When Responding To Maintenance Requests
The speed at which you deal with maintenance requests from tenants will determine how much you end up spending on those requests.
If you’re attending to it at the first signs of trouble, you’ll avoid having to spend on repairs that carry an even greater price tag. Furthermore, this also gives you the opportunity to build rapport with tenants who are more than likely going to feel the need to maintain the property because you’re maintaining the property.
Choose Trusted Service Providers
When you think of saving on maintenance costs, the first thing that will pop into your head is finding a cheaper professional to do the work, But these cheaper services often end up costing you more than you’ve bargained for because of the less than stellar work that exacerbates existing problems or requires another tradesman to fix the work of a “cheap provider.”
To find a tradesperson with more experience, you should consider using a tradesperson who is part of an association like the CIPH or the MCAC.
Develop A Preventative Maintenance Strategy
However, all these excellent tips aside, the most crucial component to saving on maintenance cost is to develop a preventative maintenance strategy.
Preventative maintenance strategies segment the kind of maintenance you need to do into groups that specify when you need to do it and why. Doing it this way ensures you’re one step ahead of potential problems. Another great benefit of having a preventative maintenance strategy is that you can often benefit from discount rates with tradespeople because you’re not hiring them during peak periods.
Is Using an App Helpful With Reducing the Cost of Property Maintenance?
One way to go about developing a preventative maintenance strategy is to use an app.
In the last decade, there has been an increase in property management apps, but not all are created equally, which makes it difficult to ascertain whether apps are helpful to reduce the cost of property maintenance. The short answer is yes. Using software like the kind we’ve created at Antslabor, you’ll have all the information you need to manage and develop an effective rental property maintenance strategy with ease.
In conclusion: While maintenance can be expensive, it’s also important to remember that repairs are always more expensive! Therefore using software like Antslabor is the best choice. Not only can you anticipate your maintenance budget and track your reminders, but you’ll also find that you’re spending far less on repairs.
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