As a landlord, managing rental property in Nashville can be expensive. The increasing prices of goods and services and their impact on your rental revenue can lead to a lower ROI. Nevertheless, there are many proven ways of saving money on your rental property.
The best is to hire a qualified Nashville property manager. A skilled, trained, and experienced property management company can handle your rental in cost-effective ways.
Here are some of the most common ways in which your property manager can help you save money:
Tracking the Market and Price Trends
Property managers know everything about the local market prices. Their duties involve responding to tenants’ maintenance requests and resolving the problems in the house as soon as possible. They know the intricacies of property maintenance and are aware of the approximate costs to resolve any issue in the home. These skills can come in handy if your contractor or trade worker is overcharging you, taking longer than an expected time to finish a task, or buying tools or hardware from an expensive outlet. Your manager can warn you and enable you to make the right decision.
The charges for essential home fixtures in the Nashville neighborhoods are as follows:
- Faucet fixtures: can be anything from $65-$95 per hour
- Toilet repairs: can range from $65-$95 per hour
- Electrical remodel or addition: can cost you $80-$99 per hour
- Residential electrical problem fixtures: can be anything from $65-$95 per hour
Property managers stay updated with the current market rates for rental units and repairs. They ensure that you only pay a reasonable amount to finish any repair task or home renovation, saving you a significant amount.
Property managers manage multiple units simultaneously and are associated with licensed contractors, trade workers, and other service providers. You can use their contacts to get licensed contractors for repairs and renovations. It can also protect you from potential risks like a shortage of skilled labor or unlicensed contractors.
Even in worst-case scenarios like climatic disruptions or on-site accidents, these professionals can protect you from heavy fines as they have essential insurance policies like General Liability Insurance and Workers’ Compensation Insurance. Managers also often allocate relevant field jobs to known service providers and get discounts. You may also save money on such tasks if your manager assigns these tasks to a known professional.
Reducing Additional Maintenance Costs
When the maintenance of your rental is properly taken care of, it can save you some extra money. Property managers conduct thorough inspections and check for any damages that might require repairs or replacements. They can efficiently carry out tasks like:
- Changing the AC filters and checking all the other appliances
- Changing the smoke detector batteries
- Taking out debris and leaves from the gutters
- Fixing the doorknobs
They carry out the maintenance tasks on priority either by themselves or through repairs specialists. Your manager also protects your home from early deterioration. They respond to the tenants’ requests and resolve their maintenance-related problems quickly. If the home repairs and maintenance issues get resolved in time, they can save you on fixing the problem once it gets out of hand due to negligence.
Property managers also document all the changes in your rental during the routine inspections, which gives you an idea about the damages caused by the tenant and other factors. The manager can also protect you from expensive disputes if your tenant takes legal action to withhold the security deposit.
Minimizing Vacancies Rates
Property managers are highly skilled at promoting rental properties. They know the right platforms to advertise a specific type of property to find quality tenants in Nashville. For instance, if yours is a residential home, they may promote it through social media groups and listings to target the maximum reach of an audience that uses these platforms to find a home like yours. They might even already know a pool of potential tenants looking for a property like yours when it is back on the rental market.
They also follow a thorough screening process and place qualified tenants who have income stability, pay rent on time, use the home responsibly, and follow the terms of the lease. Such tenants report maintenance issues on priority, protect your property from severe damages caused due to negligence or abuse and save you from high repair costs. It significantly reduces the chances of costly evictions or vacancies.
Property managers have various options for collecting rent using rent-collection portals, online transfers, credit or debit payments, or in-person collection. They ensure that the rent gets collected by the due date. If there is a delay in the rental payment, they take follow-ups, visit the tenants if necessary, and charge an appropriate late fee. Handing over the rent collection responsibility to a qualified professional protects you from potential loss of rental income.
Ensuring Legal Compliance
As a landlord, you have a legal obligation to abide by landlord-tenant laws. As an illustration, according to the Fair Housing Laws, you are supposed to be unbiased while conducting business related to your rental. You cannot discriminate against individuals based on their familial status, race, skin, color, religion, nationality, or disabilities. If you do so, you could bear a hefty fine.
Similarly, you could be charged with heavy legal fines if you fail to inform your tenants about the tenant agreement disclosures or if you do not have the rental license. Property managers know about nearly all the legal implications. They can guide you at every stage so that all your activities comply with the law, and you do not have to pay fines.
Apart from these, there are many more ways property managers can save you money. If you want the most cost-effective property management services for your Nashville home, get associated with a trusted company like Omni Realtors and Property Management. We have been helping investors save money by managing their properties since 2005.
For more information on how we can help, contact us at Omni Realtors and Property Management.