There are three common Savannah Property Management mistakes that we see owners make that end up costing them money in owning a rental property.
Upkeep
The first common mistake is not being concerned about the condition of the property. It is good to have a regular schedule for painting, maintianing the flooring, and making sure that the outside of the property is kept up. In just a couple years things are going to deteriorate to the point where the property won’t get market-rate rents. And it will take you longer to find a tenant who’s willing to move into your property.
Raising Rent
The second thing is not raising the rent every year. If a tenant decides they’re going to stay past that initial lease you need to make sure you’re raising the rent some for the next 12 months. Even if it’s only $25 a month a small increase in the rent, that little bit more every year helps cover the additional cost for insurance policies, taxes, and manintenace costs.
Pets
Over 50% of all tenants have some kind of a pet. If the property does not allow pets that eliminates over 50% of the potential tenant pool. That means longer vacancies and and possible difficulties renting the property. Allowing pets comes with the understanding that there will be some damage to your property. Address with a monthly charge included in the rent.
A monthly fee for pets works out better than a deposit because if a tennant there are more funds to take care of any additional damage that that pet might do over the length of that stay.
So maintain the property, consider a modest increase to the monthly rent, and be sure to include a monthly fee for pets when they are in your rental properties.
If you have any questions about Savannah Property Management, reach out to us here at Coastline Property Management.