Rental Property Compliance

Every rental property owner has upkeep costs and overhead, as well as rental property compliance responsibilities because of the many property management regulations they must comply with. While one of your largest operating expenses is your property maintenance costs, they can be controlled and estimated so that you have a good idea of how to build your operating budget. Common maintenance costs for your rental property include:

  • HOA Fees
  • Insurance
  • Landscaping
  • Lawn Care
  • Maintenance and Miscellaneous
  • Pest Control
  • Property Management Fees
  • Property Taxes
  • Regulations for Rental Properties
  • Repairs: Roof, Plumbing, AC, HVAC, Siding, etc.
  • Utilities Paid by the Landlord

 

When it comes to estimating maintenance costs, a good rule of the thumb is to allocate 1% of your investment property's value each year to account for miscellaneous expenses. For example, if your property is worth $200,000, you should set aside $2,000 a year, or $166.66 each month towards these expenses.

Many first time rental property owners considerably underestimate the costs associated with maintaining an investment property. Even the type of rental property can have a direct influence on your working budget. For example, vacation rentals can have an expense ratio as high as 70% to 80%.

Your goal as a rental property owner or manager is to control and ultimately reduce these expenses. When you can curb these costs, your ROI will rise accordingly. As such, training in managing these costs is highly beneficial to not only property owners, but also your entire staff, from the property manager all the way down.

Occupancy Solutions, LLC offers training for both you and your entire staff that will teach you how to properly estimate these costs and increase your overall ROI. The reason your entire staff should take these classes is that it promotes better communication down the entire office chain.

Our training will not only help you to reduce overhead costs, but it can also improve efficiency to reduce the time you and your employees spend on common tasks. Cutting out just ten minutes per day can save you thousands of dollars that you can put toward other expenses as the arise. Our training also helps you cut down on wasted money spent on contractors by teaching your entire staff how to effectively communicate expectations and manage the contractor's efficiency.  

Knowing the common terms used in the industry, best practices when working with contractors, and ways to identify wasted money can all help you maximize the return on your investment. Even learning how to troubleshoot common problems with HVAC, electrical, plumbing, and basic appliance repairs will come in handy for both you and your staff. We offer full and comprehensive training designed to educate you in all manner of maintenance costs for your rental property. We also offer classes to help you with compliance issues with rental properties, as compliance is one of today's hot issues with property owners and workers. Contact us today to learn about the services we can offer to you and your staff!