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Can't sell your home and trying to lease it out? One easy way to boost the profits on any rental home is to be your own property manager and all purpose maintenance crew. By taking charge of your own rental property, you will save hundreds of dollars a month in fees, maintenance and repair costs, and yard care.
I've been managing my own rental properties for years, which saves me approximately $500 a month per unit. Here are some of the money saving and revenue boosting techniques that have worked for me:
DIY leasing agent.
I have the benefit of having been a licensed Realtor for 20 years which gives me the confidence to manage my own properties. Even without experience, many homeowners will quickly discover that leasing out a home just isn't that tough to do. The big secret here is to screen potential renters carefully, collect a sizable security deposit, and have an attorney draw up a good lease to protect both you and the property. Acting as your own leasing agent means that you get to keep that 10% monthly commission instead of paying someone else.
Include water and mowing services.
My rentals are leasing for about $250 more a month than comparable properties in the neighborhood because I include water and yard care in the deal. Since the water bill only averages $28 a month, this means that I can pocket an extra $232 a month per property just by mowing the lawn and tidying up the yard every week.
Make your own repairs.
With handyman companies charging $15 an hour and up for basic repairs, there isn't any reason why a property owner can't do the work himself to trim expenses. I inspect my rental properties once a month and use that time to check for leaks, replace light bulbs, tighten up doorknobs and handles, touch up paint, and make other repairs as needed. Taking care of repair issues regularly helps prevent those small problems from turning into huge nightmares.
Ask for bulk discounts on service contracts.
For work that I don't feel comfortable doing, such as sprinkler blowouts and HVAC checks, I use the same company for all my properties (including my own residence) which nets me a 20% "multi-property discount."
When it comes to maximizing the income on your rental home, being your own leasing agent and handyman is an easy way to keep costs under control. This kind of savings can make the difference in having a rental property cash flow instead of turning into a money pit.