Any seasoned Plano property management partner will tell you that you need to 'prepare to repair'—especially as an investor. It's not like your property will remain in the same condition year after year! Degradation is to be expected, and sometimes a pipe will burst out of the blue.
Read on to find out why it’s important to stay ready for any eventuality—and start putting stock into maintenance savings now!
Please note: This article is not legal counsel! When you need real-time assistance, reach out to RentHub Property Management or a skilled attorney.
The 'Renter Factor'
Your residents appreciate renting from a property investor that pays attention to detail. The fact that you're invested in keeping the property running smoothly encourages them to take you seriously. Nobody wants to live in a dump! When you focus on the care and upkeep for your investments, you'll see that you retain your renters far longer.
Prevention Over Cure
Since property is a long-term investment, it's crucial that you get the most out of it by ensuring its durability. While you might like surprises and enjoy receiving gifts you weren't expecting, you probably don't appreciate financial surprises—especially the kind that set you back.
Cash flow is king in the world of property investing, and you need consistent and sustainable income. Yes, you can expect good, steady income when your property is up and running, and renting it out is a great way to earn passive income. However, the cost of holding back on maintenance can be far-reaching. If you're paying for a mortgage and insurance, you don't want any new 'debt dominoes' falling on the ones you've lined up already.
Budgeting for maintenance can be a real saving grace when emergencies occur. That way, you’ll have a pot of funds to dip into when money is needed either for routine or unexpected repairs.
The 'Business Bit'
We all know that you have to spend money to make money.
What does it hurt to cut down some overgrown trees? Would you rather a storm came and knocked them onto your roof—or are you willing to give them a trim now and again before they bring your whole house down? This is a serious reality facing investors in North Texas when storm season rolls through. If you think you're safe because your property is located in Plano, think again!
You can hold off on fixing appliances all you want. However, extreme damage can come from that. Who wants to be sued because something blew up in a renter's face? Certainly not you! Since you’re not running a campground, you need to take your investment seriously and put your money into something worth your while, such as a maintenance savings plan.
As professional Plano property management, we cannot emphasize enough how crucial it is to begin saving for maintenance now!
Turn to the Right Partner
Experts are there for a reason. It might seem like there isn't much to managing property, but there is, in fact, a science to it. Your property is now a business asset, so you need someone who understands the financial aspect of real estate.
Growing your investment equity, dealing with insurance claims, and handling everything to do with maintenance can quickly get tiring. A property management partner will take care of all of that for you! You were hoping for passive income, right? Well, a property manager will deal with everything while you sit back and read the newspaper online.
One of the worst parts of being an investor is having to collect rent. It can be time-consuming and, quite frankly, draining. With a property manager, you don't have to worry about knocking on a door non-stop; you'll have your rent transferred to your bank account with no hassle. This is crucial because without the rent on time, it's hard to generate the income you need to make repairs and save for maintenance in the first place!
Work your property manager into your budget, and you'll already have most of your maintenance work covered via this incredible resource.
Routine Maintenance Done Right
You'll see better returns when you take time to upgrade certain aspects of your property! Replacing your normal lightbulbs with LED lights or a typical wall outlet with a USB-ready model can be attractive perks for your future renters. Such amenities will entice increasingly eco-conscious renters to move in—and you could bump your rental fee up a bit in the process.
Slowly upgrading appliances over time to energy-efficient and modern models can also save you in repair costs down the road: if your dishwasher is from the early 2000s, they might no longer be making replacement parts for that model! Of course, when it comes to upgrades, turn to your Plano property management partner. They're a vital resource when it comes to rental research!
You can also tap into our insights as a property manager to protect your property when you download your free copy of our Protecting Your Investment Property: A Guide! It's chock-full of additional tips for how to care for your investment and help it reach maximum potential.