GETTING OUT OF THE MONEY PIT: 4 WAYS TO LOWER YOUR PROPERTY MAINTENANCE COSTS

Property management in Sioux Falls comes with it’s own set of unique challenges. However, maintaining your property to keep it in pristine condition is something that every property manager in Sioux Falls needs to do. The good news is that with a little planning and some smart decisions, taking good care of your property won’t require significant extra effort.  Here are 4 ways property management companies in Sioux Falls can keep maintenance costs low and tenant satisfaction high.

  1. Budget. Budget. Budget.

The worst thing you can do as a property manager is to be caught unprepared for an emergency or maintenance request. Set aside some money every month for the inevitable issue so that when something does come up (and let’s be honest, it’s a matter of when, not if) you’ll be ready for it. Additionally, by using that fund to pay for the repairs, you can keep your costs low by keeping payments like this off an interest accruing credit card.

  1. Know your Law and Order

Sending someone to fix a problem at one of your properties sounds easy. But there are some repairs that require a licensed professional with credentials otherwise you could be in violation of federal or state law. Further, most repairs require documentation of the communication between landlord and tenant in order to avoid lawsuits. So, be sure you know the rules and regulations before you dive in.

  1. Answer the phone

When your tenant calls, pick up the phone. If you respond promptly to your maintenance requests, you’ll have happy tenants. But, more than that, you’ll have the opportunity to take care of any problem before it becomes a larger issue. And that means a well-kept property that will attract quality tenants for years to come.

  1. Get ready for a show

When you switch tenants, it’s a good idea to do all the little stuff before you put the home back up for a booking. That means light fixtures need to be switched out, along with filters, a detailed clean—carpets and otherwise—as well as maintenance on all the utilities and HVAC. Regular turnover maintenance can go a long way in keeping your home in the best possible condition.
There you have it. What are some of the strategies you employ to lower your property management costs?

1 reply
  1. Burt Silver
    Burt Silver says:

    This is a really interesting article. I imagine managing many properties could be very stressful, especially if unexpected issues and repairs come up. It makes sense that you would want to stay in close contacts with tenants in order to make sure they get repairs as soon as possible. I know if I have a problem in my apartment, I like it much better when my landlord deals with it right away.

Comments are closed.