Money Saving Tips For Property Management

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Delving into property management, whether you have a few rentals or own apartment complexes can be a little daunting. With landlord/tenant laws, protected classes, and the financial strain for property upkeep, the thought of managing rentals might be cause for pause. However, diligence, common courtesy, and proper planning make all the difference between success and failure in this arena. Even when it comes to the financial burden of property upkeep, you can be way ahead of the curve if you take care of the small things. Being proactive with proper supplies on hand, scheduled preventative maintenance, and proper storage saves a lot of money and hassle in the long run.

Arm Yourself With Important Supplies

When the snow covers the ground and temperatures dip below freezing, it’s time to don the gloves, boots, and jacket and get real. If you own an apartment complex and you manage it yourself, finding yourself out on the property before sunrise is probably a given. Long before winter approaches, it’s extremely important to have the right supplies on-hand for the cold weather. Proper ice melt and snow shovels must be in your supply arsenal. Once winter arrives, supplies at the store tend to vanish and you may find yourself desperately searching for them and ultimately paying more to keep your residents safe.

Other important supplies to keep on-hand no matter what time of year it is include:

  • Smoke alarms and batteries
  • Light bulbs and fixtures
  • Yard tools like shovels and rakes, even if you have a regular landscaper
  • Shop vacuums to quickly remove water from floods or debris from repairs
  • Cleaning rags and supplies
  • Extra plumbing supplies
  • Extra parts for appliances

Save Money With Preventative Maintenance

When the smoke alarm goes out in the middle of the night or the heater suddenly isn’t working in the dead of winter, there’s a chance that an ounce of prevention might have definitely led to a pound of cure. Planning ahead saves money on after-hours, emergency calls. Performing inspections of your units at least every 6 months is a great strategy for many reasons. First and foremost, it’s an opportunity to change out batteries in the smoke alarms, vacuum out heaters to prepare for winter, check for leaks or water damage that may lead to bigger and more costly issues, and ensure appliances are working properly by vacuuming behind refrigerators and checking stove elements. An added bonus, however, is that this is a great way to see how the unit is being cared for and an incentive and opportunity for the tenant to clean and also express his concerns or needs.

This hands-on approach doesn’t have to be an uncomfortable inspection, but a pathway to know your tenant and build a good rapport. Tenants are much more likely to confess damages and issues when they aren’t scared of their landlord. Knowledge and relationships give you the power to protect yourself and your residents by keeping the property in good repair against larger damaging issues.

Protect Your Investment With Proper Storage

So you have the necessary supplies and you make the important inspections that ultimately lead to maintenance tickets and the need for more supplies. Now, where do you keep all of these items? Because property management is a year-round job and the supplies are generally kept on the property where people live and have animals and food sources, safe storage is a must. Containments like SteelMaster Buildings provide safe, dry, and pest resistant places to store your property’s supplies. When you invest in what you need to keep your property running efficiently, you want to ensure your investment is protected.

Property ownership and management don’t have to be daunting. With prior planning for supplies, maintenance, and storage your investment can run smoothly. Take care of your property, your tenants, and your investments and they will take care of you.