In order to bring more long term value to the rental property–especially if you’d like to sell in the near future–it’s often recommended a landlord should keep up with regular maintenance any ultimately make the necessary repairs. You can find ways to save money making repairs in order to always keep your property in tip-top shape. Repairs aren’t necessarily the place where you want to skimp on costs–however, there are some great ways you can save money on repair costs for your Wisconsin rentals. Below, learn about some of our favorite ways landlords can save money making repairs on your Wisconsin investment properties.
Build A Reliable Team
Building a reliable team of contractors in Wisconsin is crucial for maintaining your rental properties efficiently. Start by leveraging local directories such as Wisconsin’s NARI (National Association of the Remodeling Industry) chapter, which lists certified contractors with verified reviews. When interviewing potential contractors, ask for references from recent jobs and verify their credentials.
Additionally, consider forming partnerships with contractors who offer maintenance packages or loyalty discounts for regular work. This not only saves money but also ensures that you have trusted professionals on hand when urgent repairs are needed. Don’t overlook the value of having a dependable cleaning service; look for local businesses with strong community ties and positive reviews. By building and maintaining these relationships, you’ll secure the peace of mind that comes from knowing your properties are well cared for by professionals you trust.
Deal With Scheduling Repairs Yourself
When you allow tenants to schedule repairs, it’s akin to giving them a blank check – they’ll prioritize resolving the issue quickly, often without regard for cost. To ensure repairs are done correctly and within budget, it’s best to handle scheduling yourself. Use tools like Thumbtack or Angie’s List to find and vet local repair professionals in Wisconsin.
After scheduling repairs, always follow up to inspect the completed work. This ensures that the job meets your standards and prevents issues related to subpar workmanship. By managing the process yourself, you maintain control over the quality and cost of repairs, safeguarding your investment.
Screen Your Tenants Thoroughly
Many repairs are necessitated by tenant-caused damage, making thorough tenant screening essential. Start by contacting previous landlords to gain insight into a prospective tenant’s history. Use reputable background check services to assess their credit, criminal history, and eviction records.
Don’t rely solely on personal familiarity – even acquaintances can sometimes fail to meet your property care expectations. Implement a standard screening process for all applicants, ensuring consistency and fairness. Additionally, encourage tenants to report any maintenance issues promptly. Quick reporting and action can prevent minor issues from escalating into costly repairs, such as addressing leaks before they cause extensive water damage.
Make The Repairs Yourself
You don’t need to be a carpenter or plumber to deal with basic repairs the property needs. Many things can be handled on your own with just a little elbow grease. Of course, this should only be done if you are confident in your abilities and know what you are doing. Don’t bite off more than you can chew or you are likely going to find yourself with even more repairs to make! Know when to call in a professional and when it makes more sense to handle it on your own. Sometimes the DIY aspects of being a landlord can appear unglamorous, but when you see that tremendous ROI, it suddenly won’t seem to matter so much.
Landlords face many costs over the life of their investment. By being able to make repairs in a cost-efficient manner, landlords can save money, and put more of their profits in their pockets.