It doesn’t matter if you’re a seasoned real estate investor with multiple properties or you’ve just inherited some property from a deceased relative and need help managing it.
There’s no better way to keep your tenants and your checkbook happy than with proper maintenance of the property.
Preventive maintenance is the best kind of maintenance for an investor because it will reduce the renovations, damage repairs, and utilities that you have to pay in the long run.
To help you along, we’ve compiled a list of helpful preventative maintenance tips for you to prioritize in order to keep your rental property in good condition.
- Screen Your Tenants
It’s crucial to do your due diligence on tenants before you allow just anyone into your property.
After all, there’s a major difference between retirees and college students and each will have a different impact on your property.
That’s why you’ll need to prepare your preventative maintenance and incorporate it into your lease based on the type of tenant that you’re renting out to.
- Keep Communication Lines Open
You want to keep communication lines open and clear with tenants so that they know what their responsibilities are in terms of maintenance.
It’s better to let them know what the rules are way ahead of time to protect the longevity of your property’s appliances, features, etc.
For instance, you could add a “no pets” clause to the lease if your property has a carpet to avoid constant carpet cleaning duty.
Also, make it clear to your tenant that your line is always open and that you’re always available to receive their calls, especially if they’re about potential issues with the property.
Consider hiring affordable property management to help with things like lease agreements and tenant screening.
- Hire Professionals
You don’t want a situation where you have multiple appliances or features that need maintenance at the same time because they just broke down all at once.
That’s why you should hire a professional maintenance person to help you keep up with maintenance tasks around the property.
For instance, you’ll need an HVAC technician to keep your heating and cooling equipment in good shape, and you should have a landscaper who comes in weekly to maintain the yard.
Sure, you’re going to spend money to hire these professionals but that’s money well spent considering that it’ll free up your time to look for new and better deals.
- Set a Maintenance Schedule
Prepare a monthly and an annual maintenance schedule so that your tenant knows what to expect.
You’ll also need to perform regular inspections so let your tenants know that’s part of your maintenance schedule to check for things like leaks, wall cracks, and drafts.
- Keep Track of All Your Expenses
Maintenance costs are no laughing matter, and they can quickly eat into your bottom line if you don’t keep an eye on them.
That’s why it’s important to keep all of your receipts and expenses front of mind by saving them in some sort of spreadsheet or online cloud space so that they’re accessible for comparison and analysis at any time.