Proper maintenance of your rental property protects the investment in multiple ways. A well-maintained property attracts tenants, does not incur frequent damages, and lowers property insurance costs. However, you have to get the maintenance right to enjoy the benefits. Below are some tips for effecting maintenance of rental properties.
Create a Preventive Maintenance Plan
Preventive maintenance can save you considerable stress and resources:
- You can schedule preventive maintenance at a time convenient for you.
- Some contractors may offer you discounts if you book in advance.
- Preventive maintenance can identify emerging issues that you can fix before they become expensive problems.
Create a preventive maintenance program and follow it. Incorporate all major parts of your property. For example, you should:
- Trim tree branches and mow the lawn periodically
- Have an HVAC contractor service the HVAC system at the necessary intervals
- Inspect the roof and its drainage system regularly
Consult relevant contractors and incorporate their advice in your maintenance plan.
Conduct Turnover Repairs
Conduct a general inspection and repair whenever a tenant moves out. The turnover repair is necessary for two main reasons. First, your property is unlikely to stay the same throughout a tenant's term. Even if a tenant is responsible and careful, wear and tear will exert some toll on the property. A turnover repair allows you to fix such issues, even if they are cosmetic.
Secondly, tenants prefer to move into well-maintained and aesthetically pleasing properties. Therefore, a turnover repair is one way to attract new tenants. Moreover, a tenant is more likely to take good care of your property if they find it in a good state than if the property is already rundown.
Budget for Unexpected Breakdowns
Malfunctions or damages might occur without warning, even if you follow a strict preventive maintenance program. For example, strong storms damage even the best-maintained roofs. Buy insurance coverage for such mishaps. Also, create a maintenance emergency fund that you can use in such cases because insurance doesn't always cover everything.
Don't touch the emergency fund even if your property doesn't experience damage in a long time. You never know when a disaster might strike.
Act Fast in Case of Breakdowns
One of the best ways to maintain tenants and boost your property investment income is to listen to your tenants' concerns and address them quickly. In addition, tenants who feel you don't listen to their concerns might take matters into their own hands and conduct DIY repairs.
You will also save money if you address problems early enough. For example, a few missing roof shingles might not mean much. However, the missing shingles increase the risk of water intrusion, pest infestation, or wind damage. The subsequent damages might cost more money to fix than the missing shingles.
Use Professional Contractors
Always use professional contractors for issues that require skilled intervention. Discourage your tenants from DIY services; encourage them to alert you if problems occur to allow you to address them professionally. Also, avoid handling technical issues as DIY tasks unless you have the relevant skills and experience.
Say a storm damages some electrical wiring or circuit. A haphazard connection or repair of the damaged wires might lead to a short circuit. The short circuit might trigger further problems and even start an electrical fire. Professional repairs can help you avoid all that. You can get professional repairs fast if you prescreen and maintain contacts with contractors in different trades.
Hopefully, the maintenance tips above will help improve the returns of your property investment. Robert Cottingham Company offers high-quality and affordable property management services. Contact us for a consultation to determine how we can partner and take your investment to the next level.
