Property Management Kit For Dummies - Robert S. Griswold

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a higher grade of carpeting and trying to save money on the carpet pad, but the carpet pad can make all the difference in the world. Consider using a higher grade of rebond padding with a medium-grade carpet for competitively priced, yet excellent results.

      Determining how to handle the required turnover work in vacant rental units is one of the toughest decisions rental property owners have to make. Owners of large apartment buildings have maintenance personnel on staff and many contractors ready to assist them as needed. They routinely handle vacant units and just need to schedule the work. But owners of small rental properties are typically on their own to handle the work personally or locate contractors to prepare the vacant units quickly.

      Even if you’re inclined to do your own turnover preparation work, understand that certain maintenance functions requiring specialized or licensed training are best handled by outside contractors. It would be unwise for you to act as an exterminator or a contractor dealing with environmental hazards, for example, or to attempt to recharge the coolant in an air conditioning unit. Specific regulations are in place, and unique knowledge and licensing is required in these areas.

      Your skill level, time constraints, and opportunity cost may help determine whether you do some chores yourself or hire a pro. Cleaning, painting, and light maintenance may be items that you feel qualified to handle, that you can complete promptly, and that you believe won’t cause you to forgo significant income in other areas. When in doubt, let others do what they do best while you focus on what you do best: managing your rental property investment.

      

Every day your unit sits vacant costs you rental income you can never recover. Painting a single-family rental home yourself may take you six days working in the evenings and on weekends. If the rental market is strong, and the daily rental rate is $50 per day, you’re actually losing money you could’ve had if you’d hired professional painters for one day’s work at $300.

      Regardless of how much work you choose to handle yourself, you need to have a list of competent, competitively priced service companies and suppliers on hand for those times when you need a quick response. Your state or local affiliate of the National Apartment Association (NAA), Institute of Real Estate Management (IREM), or National Association of Residential Property Managers (NARPM) can provide names of service companies. Carefully check references and the status of any bonds or licenses with the appropriate government agency, and ensure that the company has the proper insurance in place before commencing any work on your property. (See Chapter 17 for more on the ins and outs of working with contractors.) If services exceed $600 in a calendar year, and the vendor isn’t a corporation or limited liability company (LLC), you need to file Form 1099-NEC with the Internal Revenue Service.

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