While no property owner likes to see monthly expenses on their monthly accounting, they are unfortunately a part of owning investment property. While they may be frustrating, you may not see behind the scenes of how Lingsch Realty works hard to mitigate these expenses.
Here is how:
- When we make recommendations for upgrades, we only do so based on what we think will get the apartment rented quickly and for top dollar. While an improvement may not result directly in more rent, a shorter vacancy time ultimately puts more money in your pocket.
- We vet each work order to see if there is a less costly way to fix the issue. Perhaps one of our handymen can fix the issue as opposed to a more expensive specialist such as licensed plumber or electrician. In addition, if the issue is something the tenants can solve on their own, such as a toilet that needs plunging or a circuit breaker that needs resetting, we send them instructions or links to videos to let them know how to complete the job themselves.
- We inspect your properties for wear and tear, and failed systems that could end up costing you more in the long run. Regular painting, reroofing and new windows, keeps your property water-tight avoiding more costly damage.
- We provide our tenants with a monthly “Housekeeping Tip” to make sure they keep their apartments and appliances in tip top shape. This might be something like “change the filter in your heater” or “vacuum your refrigerator coils” All work to prolong the life of the appliance.
- We provide new tenants with maintenance trouble shooting tips upon move in and this information is accessible to all tenants on our web site. In addition, when tenants submit a maintenance request online, they receive an automatic reply with a link to the information sheet.
- Our vendors provide us with discount pricing. Because we have worked with most of our vendors for years, and are flexible with scheduling, easy to work with and pay promptly, most of our vendors provide us with discounted pricing for all our property management clients.
- We track all Capital Improvements such as new plumbing, roofing, windows, paint to see if they qualify for a Capital Improvement passthrough through the rent Board. This allows landlords to pass through all or part of the cost to the tenants.
- We perform annual inspections and cleaning of roofs, gutters and drains. Around each September or October, we proactively ask our handyman to visit each property and clear any outdoor drains, either in the ground floor or lightwells, clean any gutters, and inspect the roof for any telltale signs that they may fail. While we can’t guarantee that this will catch all issues, we have had significantly less calls during rains since we started doing this. This protects your building from incoming water which can cause costly repairs and inconvenience tenants.
- We reply quickly to tenant concerns. If an issue goes unaddressed, tenants are able to file decreased services petitions with the Rent Board. Essentially, the tenant claims that part of their apartment is non-functioning and therefore, they should receive a proportional discount on their rent until that item is fixed. By responding quickly to tenant concerns, we minimize tenants motivation to file these sort of petitions and if they are filed, we are able to show documentation that we responded in a timely manner so that the request is not approved.
While owing investment property can be costly and no one likes to spend their rental income, it is part of the business. Investing in your property ensures vacant apartments rent for top dollar. This is especially important for rent controlled units. You do not want to rent a unit at a low price, when a small upgrade can garner $100 more rent. Because of rent control, if you have a long-term tenant, it could take years before the allowable rent increase percentages give you $100 rent bump. Rest assured; you are in good hands with Lingsch Realty.