👋 Join us for a special webinar Thursday, January 11th
Learn More

Property Manager Daily Update: Save Money on Maintenance, Communicating with Contractors, and Retail Gains

ethan-lieber-latchel-ceo
Ethan Lieber
•
May 17, 2018
save-money-on-maintenance-communication-with-contractors-and-retail-gains

4 Tips to Save Money On Maintenance

Larry Alton gives us 4 tips to save money on maintenance during a turnover. You need to focus on cash flow as a property investor. That means getting through turnover maintenance fast so your unit isn’t sitting vacant. Here are the 4 tips he gives:

Do Maintenance Yourself

You’ll save money since most of the cost is in labor, but you’ll be spending your time. Take that into account before doing any job yourself. For the less handy folks:

YouTube is your best friend. Whether it’s replacing a toilet, installing flooring, fixing a plumbing leak, or anything in between, the popular video site has millions of videos from qualified experts. Spend some time watching these videos and you’ll be surprised how much you can learn.

Use Coupons and Buy Materials Yourself

Using coupons and a Costco membership can get you materials for cheap so that you only pay labor costs on contractors.

Touch Up Instead of Replace

A fresh coat of paint, new cabinet knobs, new door knobs, and carpet shampooing will do wonders to increase your rental’s value. These small things will also help your unit rent out faster for its visual appeal.

Use Your Previous Tenant’s Security Deposit

Make sure to use your tenant’s security deposit to cover any damages beyond wear and tear. In fact, certain things like burnt out lightbulbs and tattered blinds can also be taken out of a security deposit to spruce up your unit. You can also use the deposit to shampoo carpets and paint over walls that have holes in them.


How to Communicate with Contractors

Drew Sygit highlights the best ways to express expectations and move jobs forward when working with contractors. First off, exchange expectations around how often you’d like to be communicating with the contractor. This sets the relationship off on the right foot by defining a regular cadence of conversation. He also says:

Each time you send anything to a contractor, that communication should include a mention of what you’d like to receive next — and when.

You’re building a list of action items for your contractor every time you communicate with them. Because contractors get bogged down, it will be your responsibility to set followup reminders (not theirs.) Set calendar reminders when you want to follow up and make sure to call and email them asking for a response. Additionally, you’ll need to email them followups after getting an estimate to find out when they can actually begin work.

Again, once the work starts, you need to set constant reminders and be checking in with the contractor regularly until you’ve tracked the job to completion.

Once the job is nearing completion, politely remind them that they agreed to provide you with video or pictorial evidence of the quality of their work (and that you will be holding off on paying the invoice until you receive them, if necessary).

Building strong relationship with contractors is key for an effective landlord. Don’t skip the necessary steps to communicate well or you will regret it later.


California Apartment Landlords Dump Properties Ahead of Rent Control Vote

A push to expand rent control in California is sending a chill through the state’s apartment industry, prompting more investors to sell properties or hold off on buying. View the full article at WSJ.


US Retail Posts 2nd Straight Gain

Sales at U.S. retailers rose in April for the second straight month, adding to evidence the economy has sped up again after a slower start to the year.

Retail sales climbed 0.3% last month following an even larger gain in March than originally reported, the government said Tuesday. March sales were revised to show a 0.8% increase instead of 0.6%.

Property Manager Daily Update: Save Money on Maintenance, Communicating with Contractors, and Retail Gains
2nd month gain after a slow start to 2018.

Americans have increased spending in the past two months, helped out by a recent cut in taxes, annual tax refunds and the best jobs market in at least two decades. They aren’t spending like crazy, but they are spending enough to keep the U.S. economy growing at a solid pace.

The acceleration in spending in the spring also points to a stronger reading in gross domestic product in the second quarter. Weak spending in the first quarter held down GDP. That’s part of a longstanding pattern that partly reflects difficulties by government statisticians in accounting for the seasonal switch from winter to spring.

Share this
Related Posts

See why property managers love using Latchel

Unlock the Potential of Digital Insurance
Launch a tailored renter's insurance program

Sure provides tailored renter’s insurance that enables property managers, owners, and residents to protect their property, minimize risk, and experience the peace of mind that comes with the protection of your assets and business.

Most leases require renters insurance. So, we’ve partnered with Sure to provide that option for your residents. While residents aren’t required to use Sure to meet the renter’s insurance requirement, this is still a convenient option you can offer to your tenants. 

All services and products are provided by Sure, not Latchel subject to Sure’s terms and conditions.

Property Inspection Platform
Automate and Organize Inspections with RentCheck
check-mark-icon

Make Inspections Easier
RentCheck saves time by enabling residents to complete inspections on their own. Customization and automation ensure the job gets done.

check-mark-icon

Stop Wasting Time
Schedule inspections for all stages of the lease cycle at any cadence you choose. RentCheck handles the reminders.

check-mark-icon

Instantly Submit Work Orders
Take advantage of Latchel's integration with RentCheck to instantly submit a work order for any maintenance issues that pop up on an inspection.

check-mark-icon

Modernize Your Process
Easily compare new and existing inspection reports, side-by-side, and avoid security deposit disputes.

check-mark-icon

Prompt Routine Filter Changes and Resident Tasks
Schedule resident reminders to replace filters and other upkeep tasks over the course of the lease lifecycle.

To learn more about RentCheck, talk with a Latchel benefits expert today. All services and products are provided by RentCheck, not Latchel, and subject to RentCheck’s terms and conditions.

Affordable Pest Control

Access world class pest control for a fraction of the normal price. No need for new software or a complicated setup.

check-mark-icon

Easy Pest Control
Residents simply reach out to Cover Pest if there is a pest issue, and Cover Pest takes it from there.

check-mark-icon

Clarity on Who Pays the Bill
No more awkward conversations about who is responsible for the bill! With Cover Pest as a resident benefit, residents get pest control for covered pests without an additional cost.

check-mark-icon

Vendor Sourcing
No more sourcing for vendors! Cover Pest will source and coordinate with vendors for each pest control request

To learn more about Cover Pest, talk to a Latchel benefits specialist today.  All services and products are provided by Cover Pest, not Latchel, and subject to Cover Pest’s terms and conditions.

Air Filter Delivery Subscription

FilterTime is an air filter delivery service that makes it easy and convenient for residents to replace their air filters. FilterTime customers can protect their HVAC system, reduce dust and pollen, save money on energy costs, and more by leveraging this delivery service.

check-mark-icon

Reduce Labor for HVAC Issues
Filter delivery service results in a 38% reduction of total HVAC ticket requests.

check-mark-icon

Cost Savings on HVAC Repairs
Average HVAC repair costs have increased by 48.7% year over year. an air filter delivery subscription can cut costs up to $250-300 per property per year.

check-mark-icon

Energy Reduction
Filter delivery is saving residents $14.82 per month in energy costs.

How it works:

Choose from almost every size and type of air filter including custom-made sizes

Choose how often you want your filters delivered

smile-icon

 A box of brand new air filters delivered to your resident’s front door

To learn more about FilterTime, talk with a Latchel benefits specialist today. All services and products are provided by FilterTime, not Latchel subject to FilterTime’s terms and conditions.

Boost resident satisfaction and drive good resident behavior through a rewards, incentives, and credit building program
check-mark-icon

Drive On-Time Rent Payments
Piñata rewards renters for on-time rent payments through Piñata cash, and boosts renter's credit scores for online payments.

check-mark-icon

Boost Resident Satisfaction
$30 gift card to use at select brands and businesses, $25 restaurant card, 720 annual Piñata Cash to use on rewards, Early lease renewal gift.

check-mark-icon

Attract and Retain Renters
2 out of 3 renters prefer properties with rent reporting. Plus, residents get incentives for early lease renewals.

check-mark-icon

Rewards Residents Love
Residents can use Piñata Cash on brands they know and love, such as: Starbucks, Amazon, Sephora, Lego, Target, Walmart, Home Depot, Lowes, Doordash, Best Buy, and many more!

Piñata Cash

Residents easily earn Piñata Cash any day of the month by doing things like taking surveys, referring friends, or trying out new products.

Residents also get access to big-ticket giveaways, limited drops and super surges!

And, with exclusive access to our marketplace with over 300,000 deals, residents can squirrel away up to $4,500 annually.

To learn more about Piñata, talk with a member of our benefits team today. All services and products are provided by Piñata, not Latchel subject to Piñata’s terms and conditions.

Master Liability Insurance

Now you have one less thing to worry about with a Master Liability Policy through Obie.

check-mark-icon

Affordable Coverage
Affordable policies available with liability coverage starting at $100,000 and up to $300,000 to meet any property manager insurance requirements.

check-mark-icon

Stay 100% Compliant
Master policy provides $100,000 for management companies and owners by ensuring 100% of occupied homes and units are covered for property damage liability issues relating to resident negligence.

check-mark-icon

Peace of Mind
Liability coverages include perils such as fire, smoke, water, explosion, overflow of sewer, and many others that provide coverage for damages you (the resident) may cause to your unit or home

check-mark-icon

Personal Liability
Personal liability coverage is automatically include to protect you against claims where you may be considered legally liable. (Bodily injury claims, dog bite claims, and more)

check-mark-icon

Additional Coverages
Additional/expanded coverages are also available. (Pet damage, identity fraud, theft/vandalism, and more are available!)

All services and products are provided through Obie and are subject to Obie’s terms and conditions.

👋 Join us for a special webinar Thursday, January 11th