One of your larger costs as a landlord is the downtime while transitioning tenants. Your property sits vacant while you’re paying the utilities, doing any necessary repairs, running advertising, and screening new applicants. There are several, fairly simple, things you can do to mitigate your expenses during your rental property downtime.
Create A Master Key
It may cost a bit at first to set up a master key system for all of your rental properties, but it will ultimately pay for itself. An idea here would be to implement a master key system with exchangeable cylinders. All your locks on one master key, all tenant keys different. You can also do entry keys. Changing keys between tenants is fast and cheap and you can even have a unique set of cylinders for contractors. Trusted contractors get a contractor’s key and when the rehab or turnover is done you change out the cylinders in about 30 seconds. Lay out what you want to achieve – now and as you grow – in a spreadsheet or document, and pay a visit to a locksmith to help you fill in the details.
One Type Of Paint
When you don’t have to question what color goes in which house, you can start buying paint in the more affordable five-gallon buckets. It will also allow you to simply do touch-up painting as opposed to repainting entire rooms. There will of course be instances where you prefer two-tone paint in a property…but the main idea here is to stick to the same colors, brand, sheen, etc. to make life simpler and keep costs down.
A Reliable Cleaning Crew
Finding a reliable cleaning outfit can save you loads of time and money during tenant transition periods. Once your cleaning contractor knows your expectations of them, and is hopefully meeting those, you can greatly minimize the downtime between tenants. Some cleaning crews may even perform minor repairs which will negate the need for an additional handyman. The less contractors/individuals that you have to schedule once a tenant moves out, the quicker you can get your property back onto the rental market.
LED lights save electricity, so when you’re paying the utilities after the tenant moves out, it’s already saving you money. LED lightbulbs also last up to 50,000 hours, so this means less changing lightbulbs for you or your handyman.
If you’re already investing in rental property, or are looking to start, we’d love to sit down and discuss financing options with you! Give us a call at 877-472-4842 to get started.
Also Check Out: Rental Property Rate Considerations