Twelve Money Saving Tips For Landlords
Source: http://libertylaketaxservice.com/2012/04/19/twelve-money-saving-tips-landlords/
1. Get To Know Your Tenant
Your tenant is your investment. The better they take care of your property the more your investment will have a great return for you. Treat them nicely when you make your visits. Remember you are a guest in their home.
2. Get To Know The Neighbors
Make sure a few key neighbors have your number. If anything is going on at your property that is not acceptable, neighbors are quick to complain.
3. Do A Walk Through On A Regular Basis
Tenants tend to take better care of the property when they know the landlord is going to be “visiting” on a regular basis.
4. Check The Filters
Dirty filters in your heating or cooling system put a strain on your equiptment. More strain means more maintenance calls and possibly having to replace even sooner than need be. You can even date the filters to make sure the tenant is changing them on a regular basis.
5. Check The Faucets
Check the faucets for leaks, and check for leaks under the sinks. It’s easy to make a plumbing repair when the leak is new, but if you let it go, you have a plumbing repair and also a carpentry repair, and we don’t need any of that.
6. Check The Exterior
Look for trees that are getting over sized that may fall. Threes that are touching the roof or the sides of the house can cause abrasions that may later need touching up. Do you have anything up against the house that can cause rot such as dirt or leaves.
7. Check The Smoke Alarms.
Are the batteries being changed? You can always bring a set with you to change them yourself. Not only do you want the tenant safe, you do not want to have an insurance claim to deal with.
8. Pets
Allowing pets does tend to cause more property damage than us landlords usually want. I am a pet lover and advocate of animals so I take the “hit”. If you don’t allow pets and happen to see a pet around it is ok to straight out ask questions. One thing I do not allow is fish tanks over about 10 gallons. I have learned the hard way that when they begin to leak they can cause extensive damage.
9. Pay Bills With Autopay
Not only does it take time to pay the bills, cost of postage to deal with, you risk a late fee.
10. Late Fees
When your tenant pays you late make sure to collect the late fees. These can really add up.=
11. Let The Tenant Handle Small Repairs
I have to admit I hate phone calls and having to line out someone or myself over minor things. I allow my tenants to handle anything under about $50.00 and to deduct it from the rent.
12. Hire A Property Management Company
If you find that your time is better spent on something other than managing your property you can hire a property management company. I prefer a company that charges based on “rent collected” vs a flat monthly fee. They’ll never manage your property as well as you would, but they can sure help you to save your sanity!
