Property management in Beverly Hills has its unique challenges. As a manager or landlord, you need to keep your property in pristine condition if you want to attract the best tenants in your property. Unfortunately, property maintenance in Beverly Hills can get pricey; this will either lead to loss of income or increase in the price of rents which can scare potential tenants away.
Fortunately, with proper planning, smart decisions, and experience, you can be able to lower your property maintenance costs. You will need to learn some new habits and make few changes in order to make this possible.
To help you significantly reduce your property maintenance costs, we have highlighted 4 important tips to help you reduce your costs and keep your property in a pristine condition:
Have a Budget and Stick to it
The worst that can happen to you as a property investor or even as a property manager is to lack a budget. Everyone needs a budget; this will ensure you are spending money the right way without wasting money. Moreover, you need to have some money set aside every month for inevitable issues that may come up. These funds can be used for repairs and for other emergency purposes.
- Understand the Law
Don’t just pick anyone from the street to do your repairs. This may seem like an affordable option but could lead to spending more money in the future. Moreover, you could be violating federal or state laws just by working with someone without a license. If you are using a property manager, ensure there is a documentation of the repairs done as well as the communication with the tenant in order to avoid lawsuits. Before doing any repairs, ensure you know the rules and regulations.
Some landlords avoid their tenants when they call to make complaints. No matter what, ensure you respond promptly to your tenant’s maintenance requests. By attending to your tenants’ needs, you will have happy tenants. Moreover, by responding promptly, you can tackle a small problem before it turns into a larger issue. This will give you an opportunity to keep your property maintenance cost low and also have tenants that will be happy with you.
- Touch Up Before New Tenants Move In
Before you put a new tenant into your vacant apartment, make sure you do some maintenance. This could be changing the light fixtures, filters, cleaning the carpet, windows, doors, and even doing the landscapes. You may also need to maintain all utilities and HVAC. It is more affordable to maintain your property when it is vacant than when a tenant moves in. Moreover, if your property is in the best possible condition, a tenant will know that you care for your property and will keep it that way.
A good way to keep your property maintenance costs low in Beverly Hills is to do periodic maintenance to put everything in order. You should respond promptly to tenants’ complaint and use licensed contractors. You can as well look for an experienced property management company in Beverly Hills. Such company has contractors that will help you keep the cost of maintenance low and ensure that your property is in the best possible condition.