While landlording and property owning may sound like the same thing, in practice there is a world of difference between the two. Many landlords are themselves property owners who decide to rent out a property. However, it is a common misconception that owning a property and renting out a property means that the challenges involved are the same. In fact, many people are surprised at the extent to which providing a healthy living environment for your tenants is a different task to simply having a property sitting idle.<\/p>\n\n\n\n
Rental properties are often painted as a simple, passive form of investment, but they require far more time and attention than many would have you believe. Of course the biggest time suck of a rental property is the management, and if the management is bad, whether it be neglect or reactive, then it can cause a whole host of headaches and expenses down the line. This is also where some owners start considering working with a property management company<\/a> instead of handling everything themselves. <\/p>\n\n\n\n The housing quality standards are established by the U.S. Department of Housing and Urban Development<\/a>. These standards are intended to protect the health and safety of renters. Meeting these standards is a great way to keep your inventory turnover low and your repair bills down.<\/p>\n\n\n\n We have seen this same cycle play out with many small rental businesses.<\/p>\n\n\n\n Even if you’ve just finished handling all the normal maintenance issues a home needs on a regular basis, there are always HVAC filters that need to be replaced, tiny plumbing leaks that can suddenly become catastrophic problems, peeling and leaking caulking around windows, and holes in wood or tubes for pipes that may allow critters to invade your home. Together, these issues can be very time-consuming and expensive to fix.<\/p>\n\n\n\n For example: before the wet winter months with heavy rainfall, gutters are clogged. Before the cold days of the fall season, the furnace breaks. And before the wet and rainy days of the spring season, the siding and decks are worn and damaged. These problems aren’t caused by people who are lazy, they’re caused by people who are busy and lack knowledge.<\/p>\n\n\n\n Organization is key. Most of your property management work can be simplified by implementing a good system to help you manage your workload, and companies like Earnest Homes<\/a> approach this by building structured maintenance routines that prevent small issues from escalating. Writing down your regular maintenance schedules can save you time and prevent problems from arising.<\/p>\n\n\n\n In the case of an independent landlord, it may help to keep a spreadsheet of basic tasks that need to be performed on a quarterly basis and then log what work is carried out. <\/p>\n\n\n\n Speed is very important in property maintenance. Any problems related to repair whether it be water, HVAC or pest problems allow damage to occur on a daily basis and quick repair service can prevent further and more costly damage.<\/p>\n\n\n\n Most sellers don’t realize the problems with their property until it’s too late and the home<\/a> is already listed for inspection, scaring away potential renters and decreasing resale value due to evident cracks, water damage and pest infestations.<\/p>\n\n\n\nWhere Things Start Getting Missed<\/strong><\/h2>\n\n\n\n
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The Real Cost of Slow Responses<\/strong><\/h2>\n\n\n\n
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