Owning and renting out properties can be a great source of income. But landlords always need to be mindful of their profit because they may end up having to put a good chunk of money back into their properties. This is why it’s always a good idea for landlords to be on the lookout for new ways to save some money. Fortunately, there are plenty of small and easy ways landlords can increase their income.
Get the right insurance
Insurance can be expensive, but it’s certainly necessary. Landlord insurance can protect landlords in the event of a fire, flood, or other issues. This insurance can ultimately save landlords money because they’ll be protected if something goes wrong and they won’t have to pay thousands of dollars in repairs. But when landlords are signing up, for insurance, they should always try to get the best deal — asking about discounts and bundle packages can save money every month.
Take a closer look at utility providers
If landlords pay utilities themselves, it’s important to get the best prices possible. Even if tenants pay for utilities, it’s always a good idea to try to get a lower price for them, too. Utilities can quickly add up, especially if there are multiple people living in the house. So if landlords haven’t taken a look at competitor rates in a while, now is the time to do so. Changing utility providers can result in lower monthly fees, which can add up to a lot of money in the long run. Additionally, landlords should consider investing in submeter installation. Submetering services can help landlords monitor water usage, check on a sewer system, and improve utility measurement overall. This can show landlords areas they can improve with their plumbing and make changes to ensure their utilities are being used and managed as efficiently as possible.
Choose the right paint colors and decor
When tenants move out, landlords should repaint, clean, and perform touch-ups as needed. But if landlords choose new colors and styles every time they do this, they can end up wasting a lot of money. Instead, landlords should choose colors and styles that are neutral and won’t go out of style. This way, landlords can actually stock up on supplies in bulk and save hundreds of dollars when making changes during a turnover.
Clean and perform maintenance regularly
Landlords need to ensure their properties are clean and well maintained for their tenants, but regular maintenance and cleaning can also help to save them some money. When properties are well maintained, there is a lower chance that problems will arise later on that landlords have to spend money to fix. So while maintenance like checking for water leaks, changing air filters, and preventing pest infestation, can cost some money upfront, it’s going to prevent bigger and more expensive problems in the future.
Cleaning can help save money, too. When landlords clean carpet, furniture, and other flooring regularly, this can help keep them in better shape. This will allow them to keep the same carpet and furniture for longer, ensuring they don’t have to spend money for replacements. So with that in mind, landlords should look into some of the best carpet cleaning Orlando has to offer. Getting properties professionally cleaned will keep flooring in good condition so property owners don’t have to worry about replacing it.
Screen tenants as best as possible
Tenants can play a big role in how much money landlords have to spend or are able to save. When landlords choose good tenants, they can expect to receive rent on time and to have to put minimal money back into the property for repairs and touch-ups. But if landlords choose a tenant with poor recommendations, the tenant can end up causing a lot of damage and not pay rent as they should, which costs landlords money. So during the tenant screening process, landlords should talk to references, ask good questions, and even run a credit check.
Saving money as a landlord doesn’t have to be difficult. Following these few simple tips can help landlords save money and even make their job easier.