There are three ways you can save money on your rental property maintenance here in Memphis. At CrestCore, we manage thousands of properties and we’re always trying to help owners save money.
Train the Residents
The people who live in your property must understand your house and how to take care of it. For example, the air conditioning filters need to be changed, so train them to change those filters monthly or quarterly. Similarly, teach them where the cutoffs are for the water, behind the commode and the sink. They need to know where the main cutoff is at the street too. This will save you money and prevent damage. The residents can do the basic things and know what to do if they notice leaks or other preventative maintenance issues. They should identify potential problems before they get out of control. Help the residents understand the house and take better care of it.
Go to the property twice a year and perform an inspection. We recommend you do this in the fall and the spring. In the fall, you can get in before the winter hits so you can check the furnace and in the spring, you can check the air conditioning. If you’ve trained your residents but you notice they are not changing the filters, at least you’ll be in there twice a year to inspect the unit and change them yourself. You can also do some interior inspections; look for leaks and potential problems that might be creeping up that haven’t been reported. Look at the exterior too, specifically for limbs laying on the roof or hanging over the house. You want to prevent long term maintenance costs.
When you have to do a repair or any type of replacement, use the most durable materials you can. If you’re replacing carpet, consider using a hard surface that will last longer. As you’re replacing major systems, consider using the longest lasting brands and materials. That way you aren’t patching things year after year and instead you’re making an investment. That will keep your costs lower in the long term.
Here’s a bonus tip: if you’re using a property management company, make sure they have a volume discount with vendors and make sure you can take advantage of that. They should get better pricing and they should pass those savings on to you.
These are a few tips we can give you on driving down maintenance costs. If there’s anything we can do for you, please contact us at CrestCore.