Owning rental properties can be a great way to earn money, but it also comes with the responsibility of keeping the properties in good shape. With the average national rent rising to over $2,000 last year, it's important that your properties are in top condition to attract and keep good tenants.
In this article, we'll share six tips for property maintenance. From regular inspections to hiring a property manager, we've got you covered. Let's get started!
1) Regular Inspections
Regular inspections are an important part of property maintenance for real estate investors. You can identify any potential issues before they become bigger problems and save money on repairs in the long run. Here are some tips to help you conduct effective inspections:
- Conduct inspections at least once a year
- Consider inspections in the spring and fall when maintenance issues are most likely to arise
- Check all systems including plumbing, electrical, HVAC, roofing, and appliances
- Inspect both the interior and exterior of the property
- Document and keep track of any issues you find
2) Proper Maintenance of Major Systems
Keeping your rental property's systems in working order is essential for the value of your investment. These systems include plumbing, electrical, HVAC, roofing, and appliances. Neglecting these systems can lead to expensive repairs and even legal issues if they pose a safety hazard to your tenants.
Regular maintenance is key to preventing costly repairs. This includes annual check-ups and routine cleaning, such as changing air filters and checking for leaks.
If you notice any issues with a major system, don't wait to make repairs. The longer you wait, the more expensive the repairs will be. Act promptly to fix any issues to keep your systems in good working order.
3) Regular Cleaning and Upkeep
Regular cleaning and upkeep are crucial for maintaining the appearance and value of your rental property. Neglecting these tasks can lead to a decrease in tenant satisfaction and even discourage potential tenants from renting your property. Here's how to keep your property looking its best:
- Hire a professional cleaner to regularly clean the interior of your property
- Schedule regular landscaping and outdoor upkeep, such as mowing the lawn and cleaning the gutters
- If your property suffers any damage, repair it promptly
- Regularly paint and update your property to keep it looking fresh and modern
4) Addressing Repairs Quickly
Delaying repairs can lead to bigger and more expensive problems in the long run. It can also result in decreased tenant satisfaction. Respond to tenant requests promptly and hire a professional if necessary to make repairs quickly and effectively.
It's also important to have a plan in place for handling emergency repairs, such as a broken water heater or a leaky roof. Have the contact information for a reliable repair person on hand and make sure you have the funds set aside to handle these types of repairs. Being prepared will allow you to handle emergency repairs and minimize the impact on your tenants and your property.
5) Implement a Preventative Maintenance Plan
Implementing a preventative maintenance plan is an effective way to keep your rental property in good condition and avoid costly repairs down the road. This type of plan involves regularly inspecting and maintaining your property to prevent problems from developing.
It's also important to be proactive about addressing potential maintenance issues. For example, if you notice that the roof is in need of roof maintenance or repairs, take action before it becomes a major problem. This will help you avoid costly repairs and keep your property in good condition.
6) Hire a Property Manager for Property Maintenance
Hiring a property manager is a smart choice to help with property maintenance and other aspects of property management. Property managers are professionals who are trained and experienced in managing rental properties. They can take care of many of the day-to-day tasks involved in property management.
Contact us today to discuss how we can help you with your property maintenance and for more maintenance tips.