You might be amazed to know that 40 million Americans move each year. That means real estate investors have plenty of opportunities to deliver quality rental homes to renters coming and going from Baltimore!
When operating rentals, one of your primary responsibilities is maintenance and repairs. If you don't have a Baltimore property management company to manage your rental, it's still critical to provide DIY solutions or work with contractors to keep up with routine tasks and repairs right away and with quality fixes.
It can be a continuous process to provide the right level of care for rental homes year-round. One of the best ways to be prepared for any maintenance task is to budget appropriately! Why is it important? Here are few excellent reasons why!
Broken Stuff Is Bad For Your Rental Property Cash Flow
Have you ever stopped to calculate the estimated costs of maintenance and repairs? You should! Repairs here and there and some routine tasks might not seem like much until you factor everything you spend to fix something that breaks.
Delaying repairs can feel like a smart way to manage cash flow. However, letting a small problem go too long without a fix can lead to more costly repairs when you don't have enough cash on hand to fix it. Plus, your renters won't stick around if they're constantly dealing with maintenance requests that never get resolved.
It's easier to keep income flowing at a consistent rate if you prepare and budget for routine maintenance and repairs throughout the year. Maintaining your Baltimore rental home ensures that amenities last longer while reducing costs for excellent upkeep. Doing so enables you to deal with the necessary project when the need arises without dipping into your savings.
Pinching Pennies Won't Save Money (or Keep Renters) Long-Term
Renters know what they want in a rentals property. Two common "wants" are an attractive home and a safe place to live! Excellent maintenance services increase your ability to attract good residents to live in your Baltimore rental—and your investment property will spend less time on the market, thus reducing your vacancy rates. When rentals stay occupied, you will enjoy higher rental income.
Therefore, regular maintenance for your rental home is one excellent secret to keeping it in great shape. Renters are more likely to renew their leases if the house in which they live is sound and attractive. However, pinching pennies by holding off on needed repairs or upgrades, or choosing low-cost (cheap) solutions, or handling repairs yourself can discourage good renters from renewing and fail to attract new quality residents.
Budgeting for the appropriate level of quality maintenance gives you the ability to schedule home improvement repairs as soon as the need arises. When renters stay (and new ones move in soon after former residents leave), your rental income keeps coming in, your property stays off the rental market—and you make more money!
If you're struggling to keep up with the maintenance required to keep renters happy, find a Baltimore property management company that will help you out.
Don't Forget Emergencies
Emergencies don't often fit your maintenance budget or plan, but savvy Baltimore real estate investors know to budget for emergency repairs (as well as routine maintenance projects). That enables them to deal with disasters such as flooding, sewer line damage or leakage, and foundational issues, among others. Those middle-of-the-night emergency calls can be expensive, and it's best to be prepared with funds to resolve maintenance disasters quickly.
Planning for maintenance projects means that emergency problems won't blindside you—even if it's the strangest thing that you could imagine happening to your rental. Work with a property manager to estimate potential costs for common rental property emergencies. Add those costs to your budget, and set money aside throughout the year just in case you need it.
It's better to plan for something to go wrong and have the resources to respond quickly and appropriately than to get caught off guard without the resources to take care of renters and your rental when something goes wrong.
Property Managers Will Deal with Your Budget and Maintenance Issues
The number one reason you should hire Baltimore property management professionals is that we have the resources and knowledge to help real estate investors budget and prepare for anything! We're also local to your investment property and can respond to maintenance emergencies, whether you own rentals as a local investor or out of state.
Partnering with Renters Warehouse BW Metro means you have a property manager that enables you to build your real estate portfolio from anywhere with peace of mind that every rental is well-maintained—without exceeding your maintenance budget. If you're tired of tackling maintenance projects on your own, running out of repair money, or haggling with multiple contractors to get a job done, let's talk about how we can help!
Learn more about how an excellent maintenance plan helps protect your investments! Download our free resource, "Protecting Your Investment Property: A Guide."