How do you Take Care of a Rental Property?

One of the biggest responsibilities of a landlord or a property management company is home maintenance. A rental property that is properly maintained stands a chance to command more in rent prices for a longer period. myHomeSpot: top-rated homeowner association management company notes that rental maintenance is among the biggest issues faced by landlords. In fact, rental maintenance is the third biggest issue faced by landlords after the loss of rental income and uncooperative tenants.

If you are a property owner, a property manager, or a property management company, it is important to pay attention to this all-year-round task. To get the best out of your property, below are some of the areas to pay attention to.

Regular Maintenance

Not all rental maintenance issues can be scheduled. Some maintenance problems arrive unannounced and require attention. Some of these common and immediate maintenance issues include leaky faucets, problems with showerheads, pipe leaks, and more. All of these issues can be addressed as soon as they are noticed. 

This class of issues is best addressed as fast as possible to prevent further damages or excessive costs. For instance, with leaky faucets, the problem can only get bigger. There is a chance of mold and mildew growth in the affected area. Also, the property may accrue more money in utility bills at the end of the month due to wasting water.

Regular maintenance will not only help to save money but will also ensure that the property is livable for the tenants. Below are some of the regular maintenance practices to focus on.

• Check plumbing for leaks especially after a heavy storm or snowmelt
• Replace HVAC filters regularly
• Test that carbon monoxide and smoke detectors are working perfectly
• Inspect and address pest issues regularly to prevent infestation
• Re-caulk showers and bathtubs to prevent leaks and mold problems
• Flush water heater regularly
• Tighten handles, faucets, knobs, and locks
• Check fire extinguishers
• Trim or prune trees to reduce the chances of hazards. Remove ill, diseased, or dead trees
• Clean roof gutters.

Property management companies, property managers, and landlords should also create a schedule for bigger maintenance issues that are likely to occur. Some issues are generally due to wear and tear; proper maintenance can reduce the suddenness of their damage.

Regular Inspection

Landlords and property managers who wish to maintain a property and keep it in good shape understand the importance of regular inspections. Inspections give landlords an idea of what needs to be handled in terms of maintenance to keep the property up to standard. It also offers landlords an idea of the state of their property before letting it out to a tenant. The common types of inspections carried out by landlords and property managers include;

Move-In Inspection: This inspection is focused on preparing the property for a new tenant. During the inspection, the tenant is given a chance to identify some of the potential concerns that can negatively affect their comfort, safety, and livability. The landlord takes note of these issues when the property is turned over or may address those issues.

Routine Inspection: Landlords and property managers are expected to schedule routine maintenance inspections to pick and address common maintenance issues. Ideally, this type of maintenance inspection should be done quarterly. The landlord or property manager is expected to have given due notice to tenants before entering the property for inspections. In addition, the inspections must have been incorporated into the lease agreement to prevent tussle between both parties. With this inspection, common problems can be identified and addressed fast.

Drive-by Inspection: This is a routine appraisal of the property to observe its general appearance and appeal. This type of inspection may reveal problems with the exterior part of the home or may also reveal the presence of banned items like pets.

Move-Out Inspection: This inspection should be done at the time the tenant is moving out of the property. Usually, this inspection is the last step in the process of moving out. It ensures that the tenant has followed the terms of the lease. If the property is in a good condition, the landlord or property management company may then release the tenant’s security deposit.

Maintenance Expenses

Determining the cost of maintenance for a rental property can be tricky. There is no upper limit to the amount that can be set as a maintenance budget. However, to remain on the safe side, there is a 1% Rule that encourages property owners and managers to set aside one percent of the total property rental value as maintenance expenses.