Downtime between renters can be scary for McKinney rental property owners. If you don't have a new resident ready to move in right away, a vacancy can become expensive while you cover mortgage payments and repair costs without steady rental income.
However, the time before a new renter moves in can also be an opportunity to take care of much-need repairs and maintenance updates for your rental property. If your last renter left damage behind—or your rental is simply due for some much-needed TLC—an empty property is an ideal time to get the place looking like new before starting a new lease term.
How can real estate investors save money when taking care of rental property maintenance and repairs between renters? Try these five expert McKinney property management insights from RentHub!
1. Become a DIY Expert
Depending on your skill level and the repair tasks on your To-Do List, becoming a DIY expert can help you save money on repairs between residents.
We caution you not to take on more than you can handle, or you might risk injury (and face expensive medical bills). However, some simple tasks make sense to do on your own rather than paying labor costs (on top of the parts required) for a professional to repair.
- If you like to paint and can do a respectable job, buying the right tools and quality paint to do some touch-ups on the interior of your McKinney rental property can be an excellent way to save money.
- However, replacing the water heater or installing a new HVAC system should probably be left to the professionals.
Do your research before tackling too many DIY projects. Consult a McKinney property management company and make sure doing repairs on your own truly saves money before you sink extra funds into supplies.
2. Don't Replace: Repair
Not everything that isn't still "like new" needs a full replacement. Sometimes, fixing what's broken or touching up worn areas is all you need to do to keep your McKinney rental property in excellent condition while saving money.
- When a renter moves out, you'll find plenty of marks on the walls and scuffs on the floors.
- Before replacing door frames and baseboards, try patching holes and repainting minor knicks and scrapes.
- If the dishwasher doesn't clean dishes as thoroughly as when you first installed it, try cleaning it and troubleshooting minor issues instead of replacing the machine too soon.
A McKinney property management company and routine maintenance services help investors prolong the life of appliances and other items in McKinney rental homes.
3. Master the Art of Discounts
- When buying supplies or parts, check for discounts and sales.
- If you have a standard interior paint color that you use in most of your rental properties, watch for it to run on sale and stock up!
- When it's time to paint after a renter moves out, you've already saved money on your paint supplies.
There's rarely a need to pay full price for tools—unless you face an emergency repair and you don't yet have the tool for the job in your kit.
Follow sale papers and sign up for alerts from your favorite local hardware stores. Join loyalty reward programs and build relationships with the best local contractors to benefit from bulk discount pricing for services you need across multiple McKinney rental homes.
4. Apply the Security Deposit
Remember when you collected the renter's security deposit? Apply it to rental property maintenance and repair costs after they move out.
The security deposit is there to offset expenses, but make sure you follow the law to apply it correctly.
5. Hire a Property Manager
Can hiring a professional McKinney property management company save you money on repairs before your next resident moves in? Yes!
A property manager is the best way to save money on routine maintenance and repairs year-round. Hiring professional property management services is also the most effective way to find better renters who renew their lease—so investors face less turnover and vacancy time without a resident to pay the rent.
How is it possible? With expert, full-service property management, investors get:
- A team of vetted, high-quality contractors that work quickly and accurately to reduce the time to complete repairs between renters
- Lower maintenance and repair costs from competitive pricing and the repeat business we utilize from the best contractors in McKinney
- Expert insight to identify repairs or replacements that serve your properties and renters best.
Our professional budget management keeps costs in line while maximizing your ROI!
Renthub Delivers the Best Repairs
Turning McKinney rental properties quickly between renters is a critical part of making more money from your investments. RentHub delivers quick and cost-effective makeready services to keep your rentals in excellent condition while minimizing the loss of income with shorter vacancy periods.
If you're struggling to make DIY solutions work for your properties (and budget), let us help with our McKinney property management services! Contact us to learn more about how we work to reduce your costs.