- Put money in a separate bank account every month that is earmarked for repairs and upgrades. Upgrades can usually be planned; repairs are generally unexpected. If you have multiple properties, the amount you set aside should be fairly substantial in case more than one unit needs attention. We can make specific recommendations about financial planning during a personal consultation.
- Consider the tenant’s perspective. We understand that your property might not be a high-end, executive rental. However, it’s easier to get and retain top-quality tenants when we acknowledge and approve reasonable requests. We ALWAYS need to respond quickly to any request that impacts habitability. Legally, tenants must have a safe and healthy place to live.
- Understand that short term pain can lead to long term gain. It is never fun or convenient to invest in repairs, maintenance, and upgrades. They can be costly and consume your time and energy. However, properties that are not maintained incrementally deteriorate, meaning you must reduce rent, settle for lower quality tenants, or take a lower price at the time of sale.
9 Benefits of Hiring a Property Management Company
https://youtu.be/htFF8bPkNls A competent Property Management Company can add significant value to your Investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold. In this Video, I’m