When you manage and maintain your rental property properly, renters will stay at your units and your properties can have a positive cash flow. Here are some professional services you can use to help you with your rental properties so you can spend your free time handling your other responsibilities.
Appliance Maintenance and Repair
One of the most important parts of a rental property is the condition of its interior, based on how well you maintain the unit. Some landlords will put off repairing and maintaining appliances within a rental to try to save money, but this only compounds the problems into larger repair costs.
By deferring maintenance, you only end up hurting your rental business. As you defer maintenance, you will make your tenants unhappy, who will eventually look for a new place to live and vacate your rental property.
The key to keeping your rental unit well-maintained is by handling appliance and components repairs as soon as they occur. Do this with the help of a professional appliance service company.
Once you have set up arrangements for service coverage with a professional, whenever your tenant notifies you that they have no hot water, the dishwasher has a leak, or the furnace doesn't blow heat, call a service professional to schedule their services as soon as possible. They can handle all the repairs and replacements for the appliances in your rental property.
Another good idea is to set up a permanent service plan with your appliance professionals. This will help you save on potential costly repairs as well as alert you to existing problems now.
A big part of running an efficient rental property takes place before a new tenant moves in. This part of the rental process includes advertising, handling inquiries, showing the unit, and screening and moving in a new tenant. Any lag during this process can delay the timing of a tenant moving into your property and generating cash flow.
For this reason, contract the services of a property manager, who will do these important tasks for you. Be sure you plan for this financially. Expect to pay anywhere from five to ten percent of your rental revenue to your contracted property manager each month.
A property manager will determine how much rent your property can rent for. If you advertise your rental for a rate that is too high compared to similar rental properties, you may likely never find a tenant willing to pay it. If your rent rate is too low, you will likely find a tenant quickly but be unable to make a decent profit from your rents.
Your property manager will also take phone call inquiries on your rental property and schedule a time to show the unit to the prospective tenant. Then, they will have your prospective tenant fill out a rental application so they can screen them.
Tenant screening is an important part of property management, as this can save you from having to pay for an eviction, which can cost you thousands in lost rent, court fees, and legal expenses.
Your property manager will screen your prospective tenant by checking their credit as well as completing a background check and criminal history check. This ensures your new tenant is financially responsible and will take care of your property while they live there.
Whether you own one or several rental properties, using the right professional services can make your property ownership go more smoothly. Consider hiring a property manager, and contact an appliance service team at Capital City Appliance Service to arrange servicing the appliances within your units.