As a rental property owner, you value the benefits of strong business relationships. You likely have allies you already work with, like accountants, attorneys, or real estate agents who all help you keep your investment portfolio growing and protected. But there are other working relationships you should be cultivating that can produce significant benefits to your bottom line, as well.
Your maintenance contractors are just as important to your business as your other partnerships. And today, we’ll highlight four key benefits to building and developing those contractor relationships for the long-term. It might take a little effort up front to establish the right network of contractors. But having the right people on hand is key to operating your investment business profitably and well into the future.
A Great Contractor Relationship Will Save You Time
Take a look at your current roster of contractors. Who do you call for plumbing issues, roofing maintenance, or electrical work? If you’re not sure or don’t have a reputable contractor in mind, it’s time to start interviewing. Having a professional already on deck can save you time, and you’ll avoid the tedious steps of calling around, trying to get pricing for services, and scheduling the visit. Find a contractor you like and work out a process that benefits both of you for seasonal and emergency maintenance calls.
A Great Contractor Relationship Will Save You Money
You’re almost always looking for ways to increase the return on your investment and preserve your rental property. Building relationships with your contractors for long-term working arrangements can be incredibly cost-saving. Consider negotiating a discounted rate in exchange for ongoing, seasonal work. For example, a home inspector might normally charge $400-$600 for a traditional inspection. But knowing that he or she might be able to work with you every spring and fall for property inspections, there could be room for discounted rates. And every dollar saved improves your bottom line.
A Great Contractor Relationship Will Keep Your Tenants Happy
Tenant satisfaction may also be a goal you strive to achieve. Having regular contractor relationships can help you reach those goals. When you send contractors to your property for maintenance, your renters will feel more comfortable when you send the same friendly faces each time. Your contractors will get to know your property and your tenants, making it easier and more efficient to schedule maintenance, as well. And when your renters call with an HVAC emergency, you can act swiftly with a call to a trusted HVAC professional. Quick resolution to a broken air conditioner or leaking toilet makes everyone happy.
A Great Contractor Relationship Will Simplify Your Maintenance Efforts
One of your many tasks that you probably don’t look forward to tackling is scheduling maintenance for your rental property. To keep your South Atlanta rental investment in its best condition, you know you have to stay on top of regular maintenance efforts. But these steps usually require scheduling headaches, as you try to coordinate with the contractor and the tenant. But having great contractor relationships means having those key people already in place, leaving you just with the task of making a quick phone call to initiate your maintenance strategies.
In the end, you may be a rental property investor, but you’re still in the people business. And having key relationships, especially with your contractors, can be essential in your operations. If you need help finding the most reputable contractor professionals or for more details about how to groom current relationships for the long-term, contact us! Having a rental property management partner is also an important relationship, capable of saving you time and money. Let us help you explore your rental property investment potential and grow your contractor relationships as well as your ROI.
