Are you looking to maximize your returns for your rental properties? Learn more about the strategy JWB uses for their clients that earn them higher returns and happier residents.
Resident Expense Recovery
Many property owners come across difficult situations with their tenants. One of the more common problems is when something breaks that is the tenants fault. When this happens, the property owner and tenant often scramble to figure out who will pay for the needed repairs. Often times, the property owner is out for the repairs as the tenant isn’t always prepared financially to have the issue fixed on their dime. This obviously can create friction between the owner and tenant.
To better remedy situations like this, and keep all parties happy, JWB has created a solution called “Resident Expense Recovery.” This plan is explained during the tenant onboarding process so everyone is on the same page.
In the event that something in the home breaks as a result of the tenant, our lease states that the first $100 of rent paid will go towards handling the outstanding maintenance item until the owner is repaid in full. This enables both the owner and tenant to have repairs done promptly, but doesn’t leave the property owner holding the bag for the cost of the repairs. This fair, up-front solution keeps everyone happy and the property in good condition.
JWB owners and tenants really appreciate this solution to a common problem. Feel free to use this strategy in your own rentals or talk to your property manager about it. Of course, if you wanted JWB to manage your property so you can take advantage of this solution as well as others, please visit https://www.jwbpropertymanagement.com/ to talk to a member of our team.
Next Steps
Want to learn more about investing in rental properties passively? Watch our free webclass and discover the 3 keys that every investor should know before they make their first rental property investment. If you have any questions or if you would like to speak with a member of our team, please fill out the form or give our office a call at (904) 677-6777.
