Property owners want their assets to maintain as much value as possible . You can’t always guarantee that your tenants hold as much value on your rental as you do.
Here are 5 things you can do to help maintain the value of your property while you continue to use it as a rental property and create positive cash flow.
1. Hire a property management company
When you don’t have the time, ability to deal with maintenance calls, collecting rent, and screening tenants, or knowledge of tenant laws you can easily loose tenants and value on your property. Property management companies have access to the best maintenance crews and have established long-term relationships leading to the lowest prices on their services.
With Real Property Management Solutions working for you, you don’t have to worry about hiring the wrong company, paying high prices, and chasing tenants for late rent.
2. Refinance your mortgage
Refinancing your mortgage with a new one gives you the chance to lowering your monthly payments, reducing loan payoff lengths and lower interest.
3. Make basic safety modifications
Prospective tenants may have children or disabilities. Basic safety modifications such as handrails, dead bolts and fire escapes allow for a wider group of applicants and reduce the changes of injuries.
4. Check in with your tenants occasionally
Make sure to check in with your tenants on occasion. Tenants will more than likely express any concerns or maintenance issues if you ask them. This is especially important in the beginning of their tenancy because it will establish that you are there to help.
The more you take care of your tenants, the more they’ll take care of your property.
5. Prohibit the use of liquid drain cleaners in the lease
This one might sound odd, but liquid drain cleaners actually destroy pipes. By allowing your tenant to use them, you’re looking to spend thousands of dollars to replace them.
Be sure to present the information in an informative, educational way rather than condemning them. Chances are, they’ve been using drain cleaners for their whole life and have no idea the damage they can cause.
Credit: American Apartment Owners Association
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
