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Dripping Faucet – The Cost of Undermanaged Property

I am constantly surprised at how casual the approach of some people is to managing rental properties.  I have seen experienced property owners and property managers casually shrug at the fact that a property has sat vacant for weeks or even months, or brush off the fact that a property is in disrepair and in dire need of cleaning before getting it rented.  

The reality of managing a rental is that every day the property sits vacant, or every day a renter is in there without paying, is money lost.  And the amount is not chump change.  If a rental is going for $1000.00 a month that amounts to approximately $33 per day in lost rents alone.  Add the expense of paying for utilities to that and it’s closer to $40 a day.   Day in and day out.  Just like a dripping faucet, the water is always going out – drip by drip, one at a time, never stopping, minute by minute, hour by hour.  A dripping faucet does not stop on weekends.  Or on holidays.  Not even for a funeral.  Drip, drip, drip.  But with a rental, instead of water you are dripping money.  $40 a day.  Weekdays, Saturday, Sunday, Christmas, 4th of July.  Drip, drip, drip.  $40 a day, $280 a week.  Adds up in a hurry.  

A property can be undermanaged in so many ways!  Prolonged vacancies are the most obvious.  Real Property Management proudly cuts vacancies to the shortest time possible through aggressive marketing and getting properties marketed fast – as soon as possible.  We don’t sleep while properties sit!  Nonpaying or late-paying tenants are also a serious drain.  Our professionalism shows tenants that they need to pay their rent first – or suffer consequences.  We encourage on-time payments through incentives and also an awareness of the consequences if rent is not paid.  We never waste a single day wondering if someone will pay rent – we take action to ensure it or move on to a more reliable tenant.  

Deferred maintenance and an unclean property also take their toll.  A property that is not in rent-ready condition will cost money in decreased rental rates.  Deferred maintenance erodes the quality of the property and encourages tenants to take poor care of the place, furthering the problem.  Our property condition reports give owners valuable information in how they can successfully care for, maintain, and even upgrade their properties in the most effective ways possible.  

Our experience in managing homes means no dripping faucets – literally and figuratively.  We don’t allow undermanaging of properties.  And that not only keeps our homeowners sleeping better at night, it also keeps money in their pockets.

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