Regular maintenance is necessary to keep your rental properties in good condition. But due to their size and complexity, multi-family residences may require more ongoing care than a simple single-family home.
It is your responsibility as a property owner to find solutions to keeping your rental properties pristine. Whether that means working with a property management firm, engaging contractors, or performing upkeep on your own.
The only way to keep the value of your investment is to remain on top of maintenance and repairs. The following are the best suggestions we at the Nelson Property Management Company have for safeguarding your rental investments:
Communicate Responsibilities Clearly
Signing a lease is the first step in a successful property maintenance strategy. After the move-in, be sure to specify the obligations both you and your tenants have. Typically, tenants are responsible for performing routine maintenance, including picking up garbage, changing lightbulbs, and fixing minor problems.
But critical maintenance issues like heating, electrical, and plumbing are the responsibility of landlords and property managers. When your tenants need something critical like this from you, you should be available to communicate clearly with them.
Your tenants will feel more comfortable being honest with you and informing you of any issues that may develop if you are open and transparent with them. You can prevent arguments and tense confrontations if you communicate well with them.
Creating a preventive maintenance schedule could help you identify problems before they cost you or your tenants money. Include a clause stating that if your tenant notices a possible issue, they must contact you immediately.
Of course, it is preferable to consider scheduling inspections. Seasonally, you can focus on specific things, like cleaning the spring drains or ensuring the windows and doors are prepared before the winter. Additionally, you must continually inspect the entire property between tenants.
You should also have a strategy in place for future repairs or replacements of anything you possess. If there is a discount, take into account getting a new appliance.
Hire a Professional
For your property to run smoothly, you will require regular maintenance and repair from professionals. This includes plumbers, carpenters, landscapers, electricians, roofing specialists, flooring specialists, locksmiths, cleaners, or air conditioning technicians, to have a well-maintained property.
Regardless of the type of maintenance service you require, you should conduct interviews and background checks on each prospective repair provider.
Choose just the qualified, insured, licensed, and reasonably priced service providers who are able to provide the needed services in a sound and dependable manner. Employing independent contractors that offer full-time emergency response services is also wise.
As they have a far broader understanding of the real estate market than you do, property managers might be of great assistance if you're having problems discovering these appropriate individuals.
Keep Accurate Records
You should make a record of the property's state before bringing in new renters. Take pictures or videos, and note everything that has already sustained damage. You can avoid conflicts and demonstrate that you don't intend to keep the tenants' security deposit by having images of everything as it appeared.
Remember that some wear and tear is normal when renting a home; unless anything has been significantly damaged, tenants shouldn't be held responsible for it. Examples of minor wear and tear that are unavoidable include a broken drawer, a broken appliance, or scrapes on the floor.
Deductions from the tenant's security deposit should be made for problems like holes in the walls, broken windows, missing furniture, or missing appliances. Make sure tenants understand the condition you anticipate your property to be in when they vacate and remind them about their lease expiration at least three months beforehand.
Even the most careful landlords must acknowledge that mishaps sometimes occur. You should keep some funds aside that you may use for maintenance and repairs on your rental properties.
Your tenant shouldn't have to wait until your next payment to receive a new stove or refrigerator. You might even need to find your tenant's temporary apartments or repair the property before a claim is authorized.
Make sure you're equipped to handle the unexpected. Your tenant will tell their friends about how quickly you responded to an emergency repair.
Use Only Reputable Contractors
Property owners take their time to choose reputable contractors for property upkeep, renovations, and repairs, only to jeopardize their efforts by providing the workers with substandard supplies. An example would be a landlord providing an HVAC technician with substandard air filters.
Even while the air conditioning units will function properly for a few weeks, they will eventually break down, requiring countless repairs. Such efforts will ultimately cost you money.
Use parts and materials of the highest caliber to reduce ongoing costs while providing the benefits you want and extending the life of your property.
You are responsible for caring for and maintaining the property, and tenants have a right to live in a safe and livable environment. Your success and income flow will rise as a result of a well-kept property. Always look for solutions to rental property problems before they worsen.
Exceptional and comprehensive property management services are what we aim to provide at Nelson Property Management.
Our property management solutions can benefit your real estate investment properties, whether you want to increase profitability, expand your portfolio, or simply say goodbye to the hassle of DIY management.