20 real estate content ideas for fall
20 real estate content ideas for fall 20 real estate content ideas for fall 20 real estate content ideas for fall Agents, do you feel that? No, not the phantom buzzing of your phone making you think you’ve missed a client’s call. It’s that crisp chill in the air signifying...
Our key drivers
Luckily for rental property owners, there are some common expenses to anticipate and budget for when running a real estate investing business. These include:
- Routine maintenance tasks. This includes lawn care, pest control, HVAC system maintenance, plumbing and electrical work. These routine maintenance expenses are typically periodic and should be scheduled according to the recommendations of the manufacturer or a maintenance expert.
- Often most expensive, major repair is the roof. Roof repairs typically involve fixing leaks and replacing damaged shingles to prevent any further damage to the interior of the home. Additionally, roofs may need to be replaced every 20 years, depending on the material used for construction.
- Another major repair rental property owners should anticipate is the replacement of everyday appliances like refrigerators, ovens and washing machines. Regular maintenance on these appliances can prevent malfunctions and extend their lifespan; however, they will eventually need to be replaced to keep the property running smoothly.
- The final major repair item for rental properties is flooring and carpeting. Stains and normal wear and tear can cause damage to the underlying floorboards, which is why it’s important to invest in carpet cleaning services to stay on top of the floor’s condition.
Tips to reduce maintenance costs
Perform regular inspections: Routine inspections are another easy way to prevent major repairs and expensive maintenance bills. Hire a contractor to inspect major appliances and systems in the property periodically before they turn into costly repairs.
Educate tenants: After screening and accepting qualified tenants, it’s up to you to educate them on basic maintenance tasks like changing air filters and reporting leaks or damage to the property manager.
Negotiate with vendors: Building relationships with reliable contractors may allow you to negotiate favorable rates for maintenance work. Some contractors may offer discounts for ongoing work to incentivize investors to use their services.
Factor in annual repairs: In my experience, annual repairs typically cost about 5-8% of total gross rent, depending on the age of the property, with the cost for condos often lower. Make sure to consider recurring expenses like pool maintenance and landscaping in this category.
