Owning a rental property can be a great way to generate passive income. But landlords quickly learn that when maintenance is factored in, all that so-called "passive" income can start to feel pretty active. That’s why a good property manager is important to help you stay ahead of the maintenance game instead of getting behind and need to do costly repairs.
Maintenance is arguably the part of being a landlord that will take up the largest share of your time (unless you hire a property manager like us), especially as your property investment business grows and you end up owning multiple properties. Here's how to keep property maintenance manageable.
Have a Property Maintenance Plan
Successful rental property maintenance starts with getting organized and knowing exactly what needs to be done. Whether you plan on doing your own maintenance or hiring vendors to do it for you, this is an essential step. Some of the most common landlord maintenance tasks include:
• Maintaining the HVAC
• Landscaping and lawn care
• Pest control
• Keeping sidewalks and walkways clear
• Upkeep of major appliances
• Overseeing trash collection
• Watching for leaks and water damage
• Maintaining smoke and carbon monoxide detectors
Of course, the needs of every unique rental property are different. It's also a good idea to break down your maintenance chores by week, month and season so you always know which jobs are coming up.
Understand Landlord-Tenant Laws
Maintenance sometimes requires entering a tenant's living space, so it's always imperative that you understand all applicable landlord-tenant rules and regulations. Various federal, state and local laws may impact how and when you are permitted to perform certain jobs. Obviously, having a professional property management company taking care of things for you will eliminate this need to know everything about Landlord-Tenant law.
Vet Your Vendors
It's always important to thoroughly research any company you hire to carry out maintenance or repairs on your property. This is not only to ensure quality work, but also to avoid hiring people who might bring liability into your rental property. Always check references, make sure contractors are certified and insured, and check to see if they are registered with the Better Business Bureau, etc. You can also check out their online reviews to see what experiences others have had when hiring the company.
Know Your Limits
Many landlords prefer to do their own property maintenance, either to save money or because they simply enjoy putting in the work. That's all well and good, but make sure you're truly qualified to tackle any given task before you do it. Even if you're a talented Jack-of-all trades with years of DIY experience under your belt, there are certain jobs that should be left to a professional. In some instances, carrying out maintenance and repairs you aren't qualified or certified for can open you up to liability, and may void warranties. It also might result in the job not getting completed at the highest quality, causing future problems and headaches.
Consider Professional Property Management
Maintenance can often be costly, but just as importantly, it eats up a lot of your precious time. This can be a problem for first-time landlords who own a single rental property, but even more so if you're business is growing and you're in charge of multiple properties. When maintenance becomes overwhelming, a professional property management company can be a life saver.
Rental property management professionals handle everything from collecting rent and managing tenant relations to marketing your property and overseeing maintenance. That offers significant landlord peace of mind, and frees you up to focus on your investments. You also get to sit back and enjoy that passive income you've been dreaming of.
Get in touch with us today and learn more about our services.
