When you were in the purchasing phase of rental property, it was all about location, location, location. Now that you have acquired the property and have tenants occupying it, it’s all about planning, planning, planning. As one of the largest property management companies in Dallas, TX, we recommend the following plans:
- Plan on maintenance costs. It’s a fact of running a rental property.
- Plan on things breaking. Appliances, water heaters, heating and air conditioning units—these things don’t last forever. Whether you are able to repair them or they need replacing, things break.
- Plan on tenant turnover. If you keep a tenant happy, they typically will stay put longer, but even so they won’t stay forever. Job changes, schooling, expanding their family and outgrowing the home, or even purchasing a home of their own—life events happen to tenants too.
- Plan on repeating the process. Every time you have a tenant move out, you will need to prep the property for a new one. Costs will vary, but could include new paint, new carpet, bringing things up to code if necessary, and any normal wear and tear repairs.
As a leader among property management companies in Dallas, TX, Specialized Property Management knows that the costs of routine maintenance can become overwhelming. We teach our clients to expect the unexpected, and plan on spending approximately 2 months rent per year on maintenance costs. By planning for the costs of repairs, they will not be so overwhelming when problems arise. By partnering with Specialized Property Management, you will also have access to discounts on appliances, cleaning and repair services through our network of contractors.
As the old saying goes, “If you fail to plan, you plan to fail.” Don’t make failing part of your plan. Plan maintenance costs ahead of time and be proactive about issues when they arise, and you are well on your way to being a successful landlord.