How to Minimize Costs and Time to Market Between Tenants
How a rental property is outfitted can determine ongoing property management costs for landlords. Typically landlords must paint, change carpeting and perform repairs in order to make a unit ready to rent. These tips will ensure a less financially painful transition between tenants.
Upon acquiring our properties, we made sure to remove all the carpeting in each unit and install a light colored ceramic tile in its place. Though it may cost slightly more than installing carpet, it will not ever have to be replaced. In a worst-case scenario if a tenant were to drop something very heavy on the flooring, one or two tiles may need to be replaced but that’s quite inexpensive compared to recarpeting the entire room. Also, light colored ceramic tile helps to make the space look bigger when showing the property for rent.
Light colored ceramic tile helps to make the space look bigger when showing the property for rent
Another major expense that can be incurred between tenants has to do with the heating or cooling system. You may find that the air-conditioning system evaporation coils are clogged thereby reducing the efficiency of the system and causing unnecessary odors when the system is running. Clogged evaporation coils are usually caused by tenants not regularly changing the air filters. Be sure to inspect the heating and cooling systems in your units at least every two months to ensure this does not happen.
Probably the greatest expense incurred when getting a unit ready to rent is painting. First, be sure that the lease agreement states that the tenant is not to paint anything in the unit unless they obtain written permission from the landlord first. Even then, tenants may still take it upon themselves to perform some “home decorating” on their own. Again, be sure to inspect the unit regularly to ensure that the tenant is complying with the terms of the lease agreement. Sometimes, painting the entire unit may be inevitable due to regular wear and tear but regular inspections will reduce these expenses should the tenant occupy the unit for a short time.
Above all, be sure that you choose your tenants wisely. Find good tenants who will take care of the unit, let you know when anything major goes wrong, and leave the unit in good condition when they move out.Bruce Sutherland is a guest blogger from The Successful Landlord Blog. In exchange for sharing this content, the Allstate Community has compensated him via cash payment.
Being prepared as a renter includes securing proper Renters Insurance to protect your stuff if stolen or damaged.