One of the primary roles of a property management company is preserving and increasing the value of your property. The tenant’s sentiments should be addressed swiftly, and owners provided with a system of how their property is being managed. A necessary part of owning a real estate investment is having a repair and maintenance system. A properly maintained rental property assures long tenant retention and acceptable returns. Many landlords adopt preventative maintenance to maximize an assets lifetime and minimize the cost.
Preventative maintenance helps landlords avoid large unexpected repairs in the future. A good property manager examines the units regularly for minor repairs and fixes them before they become huge expenses. Relying on your tenants to alert you when repairs arise is risky, plus many small issues are hard to notice.
Here are some steps you can adapt to combat repairs and maintenance.
Establish Clear Responsibilities for Your Property Manager & Tenants
A solid maintenance plan begins with your lease. Distinctly differentiate between the landlord and the tenant’s responsibilities before they move into your rentals. The tenant is responsible for minor maintenance such as trash removal or changing light bulbs. Property management services include fixing leaks, repainting, replacing air filters, etc. Provide the renters with your or your property manager’s emergency contact, so that they can quickly alert you when issues arise.
Plan for Unexpected Maintenance Expenses
Don’t be caught in the lurch by repairs, plan for them and budget accordingly. On average, the annual maintenance cost will be about 1.3 times the monthly rental fee. If the rental fee is $1,000 a month, then you should expect to spend around $1,300 on repairs during the tenant’s lease period. However, this amount doesn’t include any costs for vacant properties or properties in-between tenants. No one can predict damages, and they come at the most inconvenient time. Budgeting and planning for repairs help you prepare for any future surprises.
Respond Swiftly to Maintenance Requests
It’s the responsibility of the property manager to provide a safe, clean, and comfortable rental home for tenants. Taking too long to fix leaking pipes or malfunctioning lights will be factors renters consider when deciding to renew the lease or move out. Rental marketing in Portland, Oregon is tough, but despite this, tenants need quality housing. Keep the tenants happy by responding swiftly to repairs and maintain proper communication with them. Responding to maintenance issues promptly keeps small problems from escalating and costs you less when turning over the unit to a new client.
Adopt Preventative Maintenance at Each of Your Properties
Large, expensive repairs develop and get worse from small repairs that were neglected. Preventive maintenance is the best way to deal with these problems when they are small and cheap. As a property manager, examine your property regularly and fix the minor damages immediately. Here are some of the aspects of your property that can be monitored and fixed before they grow into bigger issues:
- Tend to the outdoors by cutting the lawn, collecting litter, and trimming the trees. Cut trees near electrical wires and buildings before they cause damage.
- Identifying and fixing water leaks early helps avoid mold growth and damage to walls or ceiling. Check for water pockets, especially after winter or a rainstorm.
- Keep your property’s electrical system updated and safe to avoid shorts and electrical fires. Regularly hire a technician to help you examine the electrical system.
- Re-painting improves your house’s appearance and marketability. Don’t wait until the interior and exterior are peeling off to re-paint.
- Monitor your units monthly for pest infestation. You may lose good and loyal tenants due to a pest problem.
Taking care of your rental property shouldn’t be different from maintaining your own home. Tenants are your source of income, so take care of them by creating an efficient maintenance system.
We’d love to speak with you about your property and your investment goals in the city. Our goal is to provide quality care for your property portfolio, while increasing its profitability. We look forward to jumping on a call with you.