Real estate investments can only perform to the level of management the property receives. Poor management techniques and inefficient systems lead to higher costs and less overall return on investment. These drains on the income can come from several aspects of the property, whether in mismanagement leading to extreme damage from what may have started as a minor issue or the cost of creating ill-will with a quality tenant. You could also be putting yourself at risk of legal action. These errors in management can also cause a devaluation of your property when performance records are reviewed by potential buyers when you are ready to exit the property.
It takes time and skill to perform top-level property management, providing everything it takes to keep your tenants happy and your long-term income and property secure. Savvy investors also keep on top of the latest programs and apps to help keep property management tasks at peak efficiency. Top property managers also dedicate themselves to remaining highly educated and up-to-date on local zoning changes and market-wide industry trends, keeping ahead of any changes required in investment strategies, and maintaining diversity in their Lexington real estate portfolios. Read on as we explore six efficient ways to improve your Lexington rental property.
When you try to improve the efficiency of your Lexington rental property, you should track your efforts and continue with the changes that bring the best results, rejecting methods that lead to wasted time, funds, and effort. You can also learn a great deal from researching information on the subject in general that experienced investors have provided to help others. From marketing costs to maintenance and repairs, monitoring the expenses and results can create significant savings overall.
Energy Saving Devices
Installing energy-saving devices inside units and in common areas, such as lighting, is another way to improve the efficiency of your Lexington rental property. In addition, appliances such as washing machines and dishwashers now include water-saving technologies, which can lower utility bills for landlords who pay for water. Finally, don’t forget the importance that proper maintenance of appliances can play in their efficiency.
Long Term Changes and Replacements
Another efficient way to improve your Lexington rental property is to think long-term about the current state of the property and what changes or replacements would be more cost-effective. For example, replace or eliminate landscaping elements that require more intensive maintenance, creating savings in maintenance such as fast-growing hedges which require frequent trimming. For example, you could replace carpeting, which must be changed out fairly regularly, with more long-lasting, durable flooring, which investors can often find at comparable rates.
Renewals Vs. Turnovers
Keeping your current tenants in place is a highly efficient way to improve your Lexington rental property. However, turnovers cost you administrative time, marketing, time and money processing applicants and showing the rental, along with the cleaning, repairs, and the lost rental income during the vacancy period. In addition, your overall property management style and responsiveness, along with your people skills, flexibility, and understanding of tenants, will come into play; providing a quality experience at reasonable rates is critical. Finally, when you have a tenant vacate, be sure they are present during the inspection of the unit so that they are held responsible per your lease agreement.
When you know you have an upcoming vacancy, begin your marketing efforts early, hoping to avoid unnecessary downtime. There may be no more important factor to building savings than checking off every item on the list when screening tenants as an efficient way to improve your Lexington rental property. Not to be skipped in the approval process, calling all referrals is imperative to placing quality tenants. Not only will your costs be lowered by following through but so will the stress levels for you as the owner and any other tenants nearby. Remember that evictions are costly and time-consuming, and many renters change residences just to escape bad neighbors.
Bluegrass Investment Properties LLC
With the seasoned professional home buyers at Bluegrass Investment Properties LLC on your team, you can benefit from the foresight and experience of these local investors. We welcome you to call one of the professional home buyers at Bluegrass Investment Properties LLC today with no obligation and discuss any concerns you have about your investment properties. We stop everything at Bluegrass Investment Properties LLC when we speak with investors and listen so that we can provide you with working solutions to optimize your time and save you money. At Bluegrass Investment Properties LLC, we focus on the success of real estate investors like you with no obligation, so talk to one of our professional investors today about how we can help you efficiently improve your Lexington rental property. At Bluegrass Investment Properties LLC, the goal of our professional home buyers is to help you realize the highest possible return on each investment dollar. Call Bluegrass Investment Properties LLC at (859) 321-6618.