Repair costs can significantly add up in your rental property, which can offset many of the profits you have made. There are many ways that you can help reduce these costs and keep your rental property in the best possible condition. Here are 5 of the best ways that you can lower the repair costs in your rental property.

1. Perform Regular Inspections
   Regular inspections will go a long way toward providing you with information regarding the current condition of your rental property. When you have this knowledge, you will be able to plan for the appropriate maintenance that will prevent repair costs later on. In addition, these inspections will help to protect you from potential legal issues when you withhold a security deposit due to damage to the property.
2. Preventative Maintenance
   Obtaining regular, preventative maintenance may seem like an unnecessary expense. It isn’t. Preventative maintenance can help to prolong the lifetime of appliances, fixtures, and other things, which significantly reduces necessary repair costs.
3. Repair Rather than Replace
   When you have the option of repairing a fixture or completely replacing it, it is often more cost-effective to obtain repairs.
4. Perform Repairs Yourself when Possible
   Though it will take up some of your valuable time, performing repairs that you are capable of by yourself can help to minimize your expenses. Keep in mind, however, that some jobs should be left to the professionals. Don’t allow your tenants to perform repairs, as this could simply exacerbate the problem.
5. Respond Quickly to Requests
   If a tenant requests maintenance or repairs, it is best to have these done as quickly as possible. This can prevent the problem from escalating, which will help to save money on potentially expensive repairs.
   Repair costs are one of the largest associated expenses with owning a rental property. Following these 5 tips can go a long way toward lowering your repair costs. To learn more ways to lower your rental property’s repair costs, contact our experts at the Keyrenter in Hampton Roads today!

There are many different reasons why a tenant might abandon a property– they can’t afford rent, are facing eviction, or don’t want to deal with the legal process of breaking a lease. Despite the circumstances, it’s always stressful as a landlord to handle such a situation, and it’s important to follow certain steps to ensure the rental property is ready for another tenant.

Establish Abandonment

Whether the tenant hasn’t paid rent in a few months or you suddenly see a moving van in front of the property, it’s important to make sure they really are gone. At this point, many landlords decide to go about this by themselves, however, it’s a good idea to get the police involved. Even if you don’t suspect any illegal activities, the police can clear the property and give you peace of mind that nothing will happen as you continue making plans and let you know how best to go forward.

Examine What’s Been Left Behind

If the property has been abandoned, it’s likely that the tenant will have left property behind in their hurry to go. It’s a good idea to keep a list and/or take pictures of items you find in case the tenant gets in touch with you and wants any of their things. You can treat this as a move-out inspection, listing damages as you go as well. Any garbage or perishables you find, you can throw away. Everything else you’ll want to store them and then either return, sell, or throw them away after some time.  

Notify the Tenant

No matter how a tenant leaves a rental, it’s important to notify them of the results of the move-out inspection. You may refer to their rental application to find their last known residence or their emergency contact information to send them these notices. You must give them a written notice of the abandoned property with a return receipt to the addresses on file. This should include an itemized list of the property with images, the deadline for claiming their property (this will depend on your state’s laws), where the property is being stored, a charge for storing the property, and information about what you’ll do with the property if it’s not claimed within the allotted time.

Change the Locks and Advertise

Once you’ve cleaned out the property and notified the old tenant, the best thing to do is move on. If you haven’t before this experience, be sure to add an abandoned property clause in the lease so future tenants are aware of what would happen if they did the same. Advertise the property as vacant and get screen your applicants to hopefully get someone better than the last. The best thing you can do is get someone else in as soon as possible so as not to lose any profit on your property.

There are more families that own pets than landlords that allow pets in their rentals. It can help landlords to remain competitive if they allow pets in their properties. There are both pros and cons to allowing pets in your rentals, which is why it is important to determine your specific pet policy regarding pets and your rental properties. 

Pros of Allowing Pets

Prohibiting pets from your property results in limiting your number of potential tenants. This can result in vacancies down the line. By allowing pets in your rental properties, you widen your potential pool of tenants. Allowing pets also allows landlords to charge higher monthly rents. Tenants that have pets tend to stay in one place for longer, which makes them more likely to renew their lease agreement. On average, pet owners also earn more money and are happier.  

Cons of Allowing Pets

Despite all of the benefits of allowing pets, there are some downsides that must be considered. A pet may result in noise complaints from neighbors. Tenants that are allergic may move out of a building that allows pets. Pets also pose a potential liability risk for landlords. There is also the chance of having pets cause damage to your property which would require repairs.

Breed Restrictions

Sometimes breed restrictions are imposed in rental properties to minimize the likelihood of damage to the property. Some cities and insurance companies may require these restrictions. Other restrictions may be dictated according to the landlord’s preference. Some of the most commonly restricted breeds include: 

• Pit Bulls or Pit Bull mixes
• Rottweilers
• Doberman Pinschers
• Mastiffs
• German Shepherds
• Great Danes
• Wolf Hybrids

There are certainly both pros and cons to allowing pets in your rentals. Obtaining information about the risks and benefits can help you to make the best decision for your specific properties. To learn more about allowing pets in your rental properties, contact our experts at the Keyrenter in Hampton Roads today!