Investing in real estate is one of the best financial moves you can make. However, managing your portfolio can pose some challenges. Well, 48% of investment buildings have 1 to 4 units, which can quickly add up over your property portfolio.
Fortunately, there are ways to limit the amount of maintenance your property needs. Here are some tips on effective rental property maintenance!
1. Stay Proactive
Much like with a car, dental care, or anything else in life, staying proactive will save you money. The more you do to maintain your property, the more you can avoid large expenses.
Need a few examples? Insulating your pipes can prevent them from bursting or corroding, changing your HVAC filters can prevent them from breaking sooner, and developing a strong lease agreement can prevent major tenant issues. The list goes on.
Develop and maintain this mindset as a real estate investor and you will save money in the long run. Experts recommend investors save between 1% and 4% of the home value for maintenance each year.
2. Perform Regular Inspections
The more often you look around your property, the better. Addressing small problems now could save you from major problems later. Again, proactivity is the keyword.
Checking filters, exterior, hazards (tree branches, electrical, tripping, etc.) and everything else around your property is a great way to start. We recommend doing this once a month but aim for at least once a season, as hazards change throughout the year.
3. Check Maintenance Schedules For Appliances
Water heaters, refrigerators, laundry machines, HVAC systems, and more. They all need routine maintenance, and it's different for every model.
Look up the maintenance schedules for each of these appliances and try to follow them as closely as possible for the best results.
4. Hire a Landscaper
You can save yourself a lot of time by hiring a landscaper to maintain your exterior. Otherwise, you'll need to buy all of the necessary equipment and spend every weekend taking care of the lawn, driveways, and more.
5. Have the Right People On-Call
Who you know can make a world of difference in the real estate industry. Nobody wants to go fix a leaky faucet at 3 am, but it needs to be done. Always have the right teams available for jobs you may need, and make sure you can trust them to get the job done quickly, effectively, and for the right price.
In most cases, having a trusted property manager can take care of all of your needs for you. For only a small percentage of your rent, they can handle 100% of your maintenance needs, tenant relations, marketing, and even rent collection. This is a great way to be proactive, save time, and save money on your investment!
Hire Rental Property Maintenance Services Today
Now that you know some helpful rental property maintenance tips put them to use right away. The longer you wait, the worse these problems can get!
Stay up to date with our latest real estate investment tips, and don't hesitate to contact us with any questions or for help with your investment property!
