As a landlord, there are a number of ways you can minimize the risk of losing money on costs and expenses. It’s all about being proactive and eliminating potential risks before it’s too late. Here are some ways to do that.
Choose the Right Tenants
Make sure you screen your tenants to minimize risk.
You want tenants who are good tenants, meaning tenants that pay rent on time, take care of their living space and respect their neighbours.
Encourage tenants to refer friends to your property if you have open units (saves you time and money). Also, chances are your (good) tenant’s friends will have similar living habits – minimizing risk yet again.
Make it easier for your tenants to pay rent by switching to online (and on time) rent collection for free with us! Your tenants will be able to pay their rent on any device, from anywhere in the world. They can also set up recurring payments so they’ll never miss a due date.
Make sure your smoke & carbon monoxide detectors work and are installed in every unit and every floor.
Actively manage and maintain your property. Upkeep, upkeep, upkeep! It’s really important to perform regular maintenance on your appliances to reduce the cost of replacing them.
Learn repairs yourself but be careful when to use the DIY method and when to call in a tradesperson. That being said, put in the effort to find good tradespeople to help with those repairs.
After storms or torrential downpour, always check for water leaks – water damage is a really common and costly repair. Especially if it’s left for a long period of time.
Swap out carpet for laminate, carpet is harder to clean and can be expensive when it needs replacing or professional cleaning. This applies to units and your lobby. Since people are constantly coming in and out of your apartment, it’s a lot easier to have mats in the lobby that you can just throw in the washer/dryer, than fully carpeted floors that need professional cleaning.
Learn more about preventing maintenance issues before they happen in a previous post here.
Be Smart About Expenses
Choose your insurance carefully and make sure to require renter’s insurance (check out our insurance policy for renters here). It’s also important to regularly review your insurance to make sure you’re not over-insured or are spending money where it isn’t needed.
Make sure you’re getting the best possible deal out of your mortgage by reviewing it often.
Look into the expenses you might be able to claim.
Don’t miss out on grants! Sometimes your city/government will offer grants to make your building more energy efficient (which usually means cost-effective as well).
There are certainly more things that could be costing you money, be sure to take a look at our previous post here.
We make collecting rent and condo fees easier for you at no cost, while offering your tenants a more rewarding experience by giving them access to exclusive deals. We offer a wide variety of payment methods to your residents including eChecks and credit cards. Which means, no checks, no forms, no faxing, no scanning and ZERO costs to you, saving you time and money.
If you’re interested in switching to online rent collection, visit rentmoola.com/managers for more information!