said by IowaCowboy:Some landlords do things as cheaply as possible. Other landlords take pride in their properties. I do things (such as electrical and plumbing work) correctly and I try to keep the landlord's costs down because they get passed along in rent increases.
And this is exactly why I gave you the quasi-commendation I did in your »
[HVAC] No heat post. While there is going to be disagreement and agreement on the subject at hand, I have NO issue having my 2 tenants being employees. Once they proved themselves, and once a good employer/employee relationship was established through proving their abilities, it was and continues to be beneficial ALL the way around.
Those cheap LL's try to extract as much $$ as possible, take the cheapest routes, and if asked, admit "No, I wouldn't live in the place" while having "Riff-Raff" as tenants. Other LL's, such as myself, would rather spend a little more, make the tenants happy, and be able to ultimately answer "Yep - I sure would live in it". I'm able to KEEP tenants, reduce my turnover costs, simply by providing that better-quality housing at less-than-going-rates. With all the work being performed in-house while also maintaining GOOD tenants, it maintains that "delicate balance" between LL/Tenant relationships. #1, I don't pull in "riff-raff" when I have higher-quality homes and units as I demand/expect the tenant to uphold their end of the bargain. That prospect sees higher-end items, sees the rental rate, sees the application process, & knows one way or another, I'm going to find out about their rental history. That "first impression" of the home or unit alone is enough to "weed-out" the "Riff-Raff"
:).
It does boil down to pride & it boils down to trust - honestly it does. I'd rather put in higher-end appliances & fixtures, for example, than get the cheapest out there. Not only does that attract the better tenants, it keeps them around as they have a GREAT place for THEIR hard-earned money. They also know if a problem arises, it's addressed promptly. I ALWAYS ALWAYS ALWAYS keep my mindset in that of the tenant's; if I had a knock-off faucet that has been repaired 3 times, I sure as hell would be irritated. Initially spending another $20, for example, avoids those issues for the most part. Sure I'm in the business to make money - but NOT at the expense of depriving a resident of something GOOD & worth their money.
Whenever I need to pull a permit, it's done under my own name; there's more savings. If I don't need one, I don't get one. Some LL's are at a disadvantage in this aspect as some things may require permits, some things do not. However, an outside contractor is going to cost ALOT more $$ than performing in-house, irrespective of permitting. Having to call out an electrician for a simple outlet/switch for $200 is absurd - especially when a permit was NOT needed. That same outlet/switch costs me a half-hour of labor + $.75 for the outlet & $1 for the switch. HUGE difference.
Granted, I have the luxury of having the licenses/degrees necessary to pull em, and you bet I use it to my advantage. In turn, as stated in that post about you & my 2 employee tenants, keeps virtually ALL my costs down which I continue to pass on to the other residents & properties. I CANNOT stand the type of LL that wants more & more $$ in their checking account yet fails to be able to answer "Sure I'd live in the place" - there's just no incentives for the residents, especially when it comes to retention. It is further indisputable that it costs MUCH MUCH LESS to keep a resident happy, renew em, & take care of em versus the costs of turnover. Whether it be one year or 5, I'm still shelling out $$ on painting, carpet, cleaning, DOV, & the entire re-renting process as a whole whenever all I had to do to keep that resident was make em HAPPY. It's NOT that difficult - and I definitely take ALOT OF PRIDE in what they have to live in.
That motto of mine, "If I'm not willing to live in it myself, I wouldn't expect another to pay me money to do so" works; otherwise, I would be bankrupt or labeled a slumlord with properties I would be ashamed to admit were mine!