One reason why you invested in property management in Fort Worth was to grow your wealth through rental income. The potential profit equals the overall revenue minus the expenses. The coronavirus pandemic has affected many people financially, so although you gain revenue from rent payments, you could increase profits even more if your properties have efficient utilities. If a property has faulty windows, damaged siding, leaky faucets, filters that are clogged, or other similar issues, you could be losing money, especially if the tenant is not responsible for utility payments. Because of this, it is important that you as the landlord perform regular maintenance or updates on areas that if left unchecked, can erode your profits.
Check Insulation
Insulating your rental property is a great way to reduce electricity bills. Although Fort Worth winters aren’t as bad as the winters in some other places, the summers can get unbearably hot. Insulation keeps homes cool in the summer and warm in the winter, but if the property is insulated poorly, the tenants will want to crank up the heat or the AC because their home won’t stay at a comfortable temperature. Open areas such as crawl spaces and attics are common ways through which heat escapes and enters. Other passages for heat and cold are the cracks and crevices on doors and windows. These unwanted openings cause unnecessary airflow.
Change Dirty Air Filters
Debris and dirt slow down the flow of air. This forces the HVAC to work harder and less efficiently. The filters must be cleaned regularly and replaced when need be. Dirty HVAC filters can bring additional issues including unhealthy air circulating within the properties. When dirt passes through the ventilation system components, it reduces their performance, which in turn requires more maintenance costs by paying qualified technicians to fix the problem.
Stop Water Leaks
Water leaks in the faucets, toilets, and showerheads increases water usage. The small drips can raise the water bills up to 10% hence must be addressed. The heavier the leak, the higher the waste, and the bigger the water bill. A typical leaky faucet is about 10 drips per minute, which adds up to almost one gallon of water per day. A fast leak of 60 drips per minute wastes 5 gallons of water per day. Each drop of water costs you money, so it must be fixed as soon as it is spotted.
Seal Windows & Doors
Cool or warm air can easily escape through any cracks or openings around windows, or from worn-out weatherstripping around doors.
Inspect Home Exterior Paint and Siding
Holes, cracks, rot, or mold in or on your siding are easy to ignore, but will only lead to costly repairs later on. Perform routine home exterior walkarounds of your property and don’t delay repairing damaged areas. A high-quality home exterior paint will protect home siding for many years, so get it painted if you notice the paint is starting to crack, chip, fade, or blister.
All of these issues are hard to keep track of, especially with multiple properties, which is why you need a reliable property manager to keep everything organized and be able to perform the maintenance needed. Specialized Property Management in Fort Worth can help you maximize profits on your property with proper maintenance and routine property inspections.
Contact us today online, or call for a quote! 817-886-9220
