Buying a rental property in Brainerd, MN, is an excellent route toward earning passive income. The city has a healthy economy and good job opportunities for potential tenants.
Being a landlord also involves a lot of hard work and planning, especially when it comes to property maintenance and repairs.
Hiring a rental property management service is one way to streamline these tasks and ensure worthwhile profits. Read on to find out how a property manager can help you save money, even though they don't pay for repairs.
About Rental Property Maintenance
According to the Minnesota Landlord Tenant Act, property owners must keep their rental units in a safe, habitable condition. You must ensure the house is equipped and maintained according to local building codes and attend to repairs promptly.
To keep up with these tasks, you must attend to the following:
- Checking the plumbing and electrical aspects
- Roof inspections
- Pest control measures
- Leak detection and repairs
Keeping these features in excellent working order helps you avoid costly repairs and replacements. Be sure to inspect your rental property regularly to detect any problems or property damage early.
You must give your tenants 24 hours notice of your intention to enter the property. Tenants aren't required to pay for repairs unless they cause the damage.
Rental Property Management Services
Rental property management services can help you maximize the profits from your investment, but they don't include rental maintenance and repair costs. They do include:
- Maintenance coordination
- Property marketing
- Rent collections
- Tenant screening
- Property inspection services
When you hire a property manager, they will carry out property inspections and routine maintenance according to an annual schedule.
This helps you budget effectively while avoiding the costs associated with extensive repairs. Taking care of small issues early on stops them from becoming bigger, more expensive problems later.
Property managers often have good relationships with local contractors or have an in-house maintenance team. This helps you enjoy the best prices and prompt service for all types of repairs.
Prompt attention to tenant repair requests helps keep your tenants content and encourages lease renewals. Working according to a schedule means you won't end up with several bills at once.
Your property manager may set up a repair fund, using a portion of your rental income every month. This helps buffer you against the cost of repairs.
Alternatively, they can deduct repair costs from your rental income or send the bill to you for payment. Be sure to ask how this works when you sign your contract with them.
Hire a Property Manager in Brainerd, MN
Although you still pay all the costs of property maintenance, hiring a property manager is the most cost-effective way to manage rental property maintenance tasks.
PMI Minnesota can assist you with everything you need to succeed as a landlord. We offer services throughout the Brainerd, MN, area. We are backed by over 20 years of rental property management experience and are committed to providing top-notch maintenance coordination services.
Explore our bouquet of offerings today and explore an easier route to profitable Brainerd property investment.
