Today we are talking to institutional investors with multiple rentals who are interested in streamlining their work orders and maximizing the returns on their investments. There are some basic things you can do that are cost effective.
When scheduling work orders, always take care of the emergencies as soon as possible and then prioritize all of the other work orders according to how quickly they need to be taken care of. Look for maintenance requests that are similar to one another and in similar locations. If you have two plumbing-related work orders, it’s best to get those taken care of at the same time but if one is on the north end of town and one is on the south end of town, it’s important to make sure you aren’t going back and forth across town if you have two work orders that are close to one another. If you can go ahead and take care of the work orders that are geographically close to each other. You will effectively reduce the travel time and the cost of both work orders.
It’s also important to schedule preventative maintenance. Cleaning out the gutters on the property or taking care of the landscaping issues allows you to shop around for the best prices. Talking to various vendors and collecting estimates will allow you to maximize the return on your investment by reducing the costs.
For additional tips on saving money and increasing your ROI, please contact us at New Bridge Management.