Rental maintenance is essential in any property. Surveys and studies show that rental maintenance is one of the top drivers for landlords in terms of pain points in the industry.
With proper planning and having the right system in place, we can avoid any issues with rental maintenance.
Here are some maintenance tips every landlord must remember to avoid any significant issues:
1. Set proper expectations
At the very beginning, it is vital to set the proper expectations with the tenants regarding their responsibilities in maintaining the property.
The tenants should also be aware of the landlord's role in ensuring the property is in top share. All information should also be included in their contract so that both tenant and landlord agree with these terms.
2. Regular Check-ins
It is helpful to have regular check-ins with the tenants to ensure all parts of the home are functional and operating. Sometimes, landlords don't need to be present at the property now and then. A simple message is sufficient to check with the tenants.
Suppose there is anything in the property that's due for replacement; it is helpful as a landlord to be on top of it to remind the tenants to avoid any significant issues in the future.
3. Taking Records & Documentation
Even before the tenant moves in, the landlords must document the property and have a checklist. Landlords may take photos and video proof that all parts of the home are working. We understand that some house parts are subject to wear and tear. Having the recorded proofs can also help with the assessment in the future should there be any future damage.
If there will be any repairs, it is also essential to keep a record of it and have it filed properly, including all the receipts. This documentation will be beneficial when filing your taxes as well.
4. Have a Backup Budget
Aside from the regular repairs and fixes needed for the property, preparing in any worst-case scenario wouldn't hurt. A contingency fund is vital when investing in the rental industry because no one can ever know when the property will be subject to unexpected future damages.
5. Have a List of Trusted Contractors
Suppose there are repairs that a simple DIY can't fix: in that case, landlords may need to result to contacting other companies for their service, like for major electrical issues, plumbing, major pest control, and many more that are out of scope for the landlord to fix. Having a list of trusted companies as a go-to can be very helpful and make sure we reach out to the professionals and the licensed team.
Bonus tip: Consider getting help from a trusted Property Manager. They know all the information in the rental and real estate industry, including all information related to Property Maintenance.
Caravel can guarantee that our property managers are trusted to help you with anything you need for your property investment. Let's connect!