Strategies to increase profitability of rental properties

[Ed O.]

What proactive measures do you take to increase profitability on your rental units? Here's some things I have done recently:

1. Challenged tax assessments.
2. Hired a firm to handle the 2nd round of assessment challenges.
3. Increased deductibles to a 2k deductible for big savings.
4. Insured units for their market value, as opposed to the replacement (rip off) value
5. Have rents deposited in the bank by the tenants (work in process)
6. Provide incentives for lease renewals.
7. Paid closer attention to hvac simple routine maintenance - changing filters, keeping overgrowth away from the A/C.

Looking for some add-ons.

[Joel Owens]

My apartments are 30 years old.I have a maintenance guy do unit checks every 2 weeks.

Basically checks water heater,heater,outside unit,light bulbs,ceiling fans,electric,plumbing,etc.

We have water included in rent so stuff like replacing springs and o rings in the showers to prevent drips and replacing flappers in toilets to keep the water from running all the time.

Sometimes the shutoff valve at the wall for the toilet doesn't close all the way to off or the float mechanism goes bad.

You can buy a water pressure tester at Lowe's for 9 dollars.Just screw it on check for pressure.Should read 60 to 80 pounds.If it's higher than that you have to find the pressure regulator valve next to the water cutoff for the unit and adjust it.

After adjusting if the pressure doesn't go down to 60 to 80 you have a bad pressure regulator that needs replacing.The importance of this is pressure is set for the cities and counties at around 160 for the fire hydrants.

If pressure is high inside the apartments it can cause leaking and premature failure of plumbing parts.

On the insurance we are required for replacement value and can't do market value.