While in the rental property purchasing phase, your priorities are location, location, location. After acquiring a property and renting it out, your focus is all about planning, planning, planning. As one of the largest property management companies in the Baltimore metro, we recommend the following plans:
- Plan on Maintenance Costs
It’s a fact of running a rental property. - Plan on Things Breaking
Appliances, faucets, water heaters, heating and air conditioning units—these things don’t last forever. Whether you are able to repair them or they need replacing, things break. - Plan on Tenant Turnover
If you keep tenants happy, they typically will stay put for a while, but even the happiest tenants won’t stay forever. Job changes, schooling, outgrowing the home, or even purchasing a home of their own—life events happen. - Plan on Repeating the Process
Every time you have a tenant move out, you will need to prepare the property for a new one. Costs will vary but could include new paint, new carpet, bringing the home up to code if necessary, and making any repairs from normal wear and tear.
As a leader among property management companies in the Baltimore metro, Real Property Management Essentials knows that the costs of routine maintenance can become overwhelming. We educate our clients to expect the unexpected. Plan on spending the equivalent of approximately 2 months worth of rent per year on maintenance costs. By planning for the costs of repairs, the costs will not be so overwhelming when problems arise. Partnering with Real Property Management Essentials gives you access to appliances, cleaning, and repair services through our network of contractors.
As the old saying goes, “If you fail to plan, you plan to fail.” Don’t make failing part of your plan. Plan maintenance costs ahead of time and requires that you be proactive about issues when they arise. Planning sets you on the path of successful real estate investing.
For more information, please contact us online or give us a call at 410-832-3138.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
