While renting a St. Louis property is a promising business venture, it is also expensive and time-consuming to take care of its maintenance, deal with vacancies, and stand your ground during untoward situations. In addition, frequent fluctuations in the rental market also affect your monthly rental profit, causing you overhead costs like taxes or administrative fees.
Ensure Rigorous Tenant Screenings
Conducting a comprehensive screening on every applicant is crucial for placing the right tenants in your property. Therefore, landlords must review every application personally before accepting it. Check for credit score, rental history, criminal background, and employment verification. Even if you hire your friends or relatives, make sure you don’t skip the screening process as it can cost you more in case of eviction scenarios. Also, ensure their comfort during the tenancy to retain them in the long run and reduce turnover costs.
Leverage Tax Advantages
Rental taxes can certainly cut into your profit, but you can save a significant amount if you know how to leverage more tax benefits on your rental unit. Make sure you show maximum tax write-off on business, depreciation, interest, insurance, maintenance, legal services, and travel expenses.
Maintain Your St. Louis Rental
Proactive maintenance keeps you one step ahead and eliminates risks of potential damages that add to your rental expenses. It can also save you money that you might spend on significant repairs caused due to irregular maintenance. We recommend cleaning the drainage and plumbing system, checking the fixtures, HVAC unit, and non-functional appliances, and getting those repaired urgently. Also, make sure you address your tenant’s repair request promptly.
Consider Long-Term Leases
Long-term leases can reduce the turnover costs of making the property rent ready and marketing it. To encourage lease renewals, make sure you convey your lease expectations to your tenants and build a healthy relationship. Consider providing them with attractive lease renewal offers and upgrading your unit to deliver a great rental experience.
Get a Landlord Insurance
Insuring your St. Louis rental property with landlord insurance is an effective money-saving method. It can help you cover legal expenses, malicious property damage, loss in rental income, and protect you against liabilities. Ensure that you get landlord insurance from a trusted insurance company, check if they offer any discount on the policy, or bundle up your home insurance with landlord insurance. You can also opt for a flood insurance policy or home insurance policy for advanced protection.
Make Use of Technology
The free business tools can make it affordable to tackle the challenges of rental management. Instead of paid accounting or legal services, you can use these tools to fulfill your day-to-day business requirements while saving money.
For instance, software like Stessa or Cozy provides an integrated solution for property owners to manage their property efficiently without spending a penny. These applications can allow you to manage your rental account, collect rent online, and market your property.
Hire A St. Louis Property Management Team
Little investment in hiring a property management company can save you from additional costs of filling vacancies and fixing potential damage. Plus, you can show property management fees in tax deductions and reduce your operating expenses. Therefore, we recommend conducting thorough research to find a trusted property management company in St. Louis that can fulfill all types of rental requirements.
A proficient property management team will save you money and free you from cumbersome rental responsibilities. You can strongly consider working with us at Amoso Properties for cost-efficient and qualitative services. We’re a full-service property management company in St. Louis that provides all property management services, ranging from tenants screening, inspections, and property maintenance to lease formation and evictions.
For more information, contact us at Amoso Properties.