Minimize Expenses, Earn More
Many property owners are plagued with sky high maintenance costs, resulting in lower overall profits. In fact, some landlords struggle to turn a profit at all, thanks to a seemingly never-ending list of repair bills. While things do go wrong from time to time, making repairs unavoidable, there are certain measures you can take to keep your costs more manageable. Use the following tips to get a better grasp on maintenance costs in your rentals.
Invest in Proactive Upgrades
It may feel counterintuitive to spend more money in order to lower costs, but proactively addressing future problems can save you a bundle in the long run. Many homeowners only make upgrades to their rental homes after something goes wrong, but this approach can cause problems to grow ever larger.
For example, if your home’s roof is missing shingles, it’s better to pay to fix it now, as opposed to waiting until the situation is really dire. If you let the issue spin out of control, a few missing shingles could turn into a roof that needs a complete overhaul. The same can be said about many other repairs and upgrades.
Save for Maintenance Costs Every Month
If you have mortgage payments to make or debts to pay off, you’re likely applying your rental income to these obligations. Unfortunately, some homeowners treat any additional funds as extra spending money, rather than putting some aside for a rainy day. Ask yourself, if your rental needed urgent repairs to the tune of several thousand dollars, how would you finance these expenses?
Many landlords are forced to borrow money in this situation, incurring interest, bank fees, and a pile of debt. Instead of finding yourself in these shoes, make a habit of saving a percentage of your income every month for unforeseen circumstances.
Stop Taking the DIY Maintenance Approach
Landlords often turn to property management firms in Illinois for convenience, only to find themselves shocked by lower maintenance bills. The simple reality is that many times a DIY fix costs more money than the same service from a property manager. At Keyrenter, we’re able to negotiate bulk services from vendors and contractors, with rates lower than what you might be able to obtain on your own.
Furthermore, we get the job done right from the start. Many handymen try to patch a problem and hope it does the trick, but we used licensed workers to complete repairs that meet building codes. This saves money in the long run, as the same problem is unlikely to reappear.
Dealing with maintenance costs is simply one of the harsh truths of being a property owner, but don’t be fooled into thinking you have no power over these expenses. By thoughtfully investing into your property’s upkeep, saving for the future, and choosing the right partners, you could save yourself a small fortune over the lifetime of your property.
Want to learn more about our dedicated maintenance services? Give us a call to get started: (312) 967-3111.
I've been working with John Golden of Keyrenter Chicago North for 5 months now and the experience has been excellent. I needed someone to manage my grandmother's 3 flat building after she moved into a nursing home.
Tim O., Satisfied Client
I am happy to recommend John Golden and his company Keyrenter Chicago North. John has very professionally managed my residential rental property for the last 6 months. Besides his commitment and care of my property, John’s friendly personality makes him a pleasure to work with.
Stacy N., Satisfied Client
After owning multi family properties for over ten years, JR is far and away the best property manager I have been associated with. His attention to keeping expenses low has been a huge contibutor to the cash flow of my properties, and has done an excellent job keeping the apartments full while increasing rents accordingly.
Anthony F., Satisfied Client
I interviewed three property management companies. I decided that John Golden and Keyrenter was the best fit for me. John presented himself as a professional, very knowledgeable about property and city requirements, and respectful of my position as owner of property.
Shirley D., Satisfied Tenant