If you're a landlord in Reno, you might be feeling the pinch lately. After all, costs related to property management in Reno have soared over the past year, including costs for construction, contractors, furnishings, and more.
No matter the size of your Reno property portfolio, property maintenance is always going to be a significant overhead.
But what is property maintenance meant to cover, and how can you save money on it? Here are some simple ways to reduce your maintenance bills.
Screen Your Tenants
You can take steps to reduce maintenance costs before anyone even moves in.
Smart tenant screening can go a long way towards reducing your bills, helping you to choose tenants who will take care of the property and not cause costly damages.
Remember, it is best to consult a Reno property management expert to help you draw up a screening process that's both effective and compliant with state laws.
Focus On Preventative Property Maintenance
Oftentimes, the best way to save money is to spend it. Prioritize preventative maintenance to fix small issues before they spiral into expensive problems.
Simply arranging for a professional to, say, clean the HVAC system every six months could save you money in the long term, as it is more expensive to maintain these things when something has already gone wrong. Be smart, be proactive.
Hire a Reno Property Management Company
If you cannot keep up with your maintenance bills, it might be time to hire a professional. Reno property management companies can help you lower your overheads and extract more income from your property.
They can negotiate service contracts on your behalf, or leverage long-term relationships with contractors to get you the best possible deals on all maintenance works that might be needed.
If you need a property manager, always choose a local one that can put these networks to good use for you.
Don't Cut Corners
It can be tempting to go for the cheapest up-front option. However, this is almost guaranteed to cost you more over time. Cheap repair materials. Cheap contractors. Cheap cleaning services.
All of these increase the risk of shoddy workmanship which is more likely to cause problems in the future. Always pay for quality, and you won't have to pay again any time soon.
Claim Those Tax Deductions
Did you know you are entitled to substantial tax reductions to help you cover maintenance costs? Nevada tax law allows you to subtract part of your maintenance costs from property and income taxes.
This means you can offset your maintenance bill and even get a tax refund from Uncle Sam. Always keep this in mind when it's time to pay for maintenance costs.
We Can Help You Get More From Your Reno Investment Property
Property maintenance is a pain, but it's one that cannot be avoided.
However, these costs don't need to break the bank. By following these steps, you can optimize your maintenance spending and more from your property.
If you're looking for experts to take care of this process for you, you've come to the right place.
At PMI Diversified Properties, we have extensive experience managing low-cost property management on behalf of Reno landlords. give us a call to find out exactly how we can help you.
