7 Ways To Be a Frugal Landlord or Property Manager
One of qualities of a good property manager or landlord in Burbank is the ability to spend less while keeping the property in a top-notch condition. If you want to make profit consistently, you will need to learn how to keep your property in excellent condition while being frugal with your spending. A frugal landlord or property manager knows when to spend and how to spend in such a way to keep the property in excellent condition while still keeping his profit high.
If you are looking for a way to be a frugal landlord or property manager, this article will teach you various ways you can limit spending and increase your profit.
- Buy Bargain Appliances
You can generally get good appliances in bargain prices if you look hard enough. There are several ways you can buy bargain appliances. One of the most popular ways is to look at websites such as Craigslist. You can get amazing deals if you search well. Alternatively, you can shop at big box stores and take advantage of their incentive. You can also be able to buy some of the appliances you need at gigantic discount. If you take out time to do a research, you will certainly find where you can buy appliances at a bargain price.
- Buy Paint on Sale
Repainting your property is a good way to give it cheap upgrade and make it look attractive to prospective tenants. As a frugal landlord or property manager, you can easily achieve this by buying paints on sale. In some cases, you can be able to get paint for over half off. However, you need to be vigilant enough to catch it when it goes on sale.
Some landlords will even increase their rent after upgrading their property with paints they bought on sale.
- Add an Area Rug
Unfortunately, most new landlords have no idea they can buy an area rug at a very affordable price from a home improvement retailer. You can use an area rug to cover up a stain or crack in the flooring and avoid the high cost of re-doing your flooring again. It is a great way to save money as a frugal landlord or property manager.
- Paint the Bathtub
Most times, you will need to change the bathtub after a tenant packs away. If you don’t have the money to effect this change, you can always improvise by painting the bathtub. However, you need to bear in mind that this always doesn’t work. You need to have a backup plan before undergoing this route.
- Trim the Shrubs
You can give your potential tenants a great impression of your property by keeping the shrubs well-trimmed and also by cleaning up your property. Your prospective landlord may assume that you don’t always clean the outside of your rental property if the shrubs look unkempt and the outside of the property is not cleaned.
- Replace the Front Door
You can make a great first impression with a good-looking front door. In most cases, you will never get a second chance at first impression. Avoid showing a property with a crack old door, no tenant will like that. In fact, some prospect tenants might even refuse to go inside when they see such old doors. You can improve the look of your property just by adding new front door.
- Clean and Maintain Your Rental Property
As a frugal landlord or property manager, a great way to keep your property in good condition and reduce the money you spend on repairs is by keeping the property cleaned and well-maintained. You can save a lot of money on repairs when you constantly clean your property. Make sure you maintain your appliances before they break down. This will save you a lot of money.
