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Wear and tear are a natural part of life for real estate investors. So, as a property owner, you need to be prepared for when your properties are in need of both sudden and routine property maintenance.
While it can be easy to sit back and tackle your property maintenance as it comes, it is rarely a good plan. After all, many simple property maintenance tasks can quickly become expensive projects if left unattended. So, you need to make sure you plan ahead and develop a strategy for how you will tackle your property maintenance before you are caught unprepared.
Before we get started, if you are looking to increase your property maintenance budget, click the link below to book a free strategy call to discuss trying to lower your monthly mortgage payments in order to free up the funds you need.
Why You Need a Strong Property Maintenance Strategy
There are three simple reasons you need to develop a property maintenance strategy for each of your investment properties – presence, preparedness and proactivity. Each of these factors work together to ensure that your strategy is as efficient as possible.
By developing a consistent maintenance strategy, you inherently appear more present and approachable to your tenants. This creates a healthier relationship between you and your tenant and makes you feel more accessible in the event any sudden repairs or maintenance are needed on the property. It may also make your tenants take better care of the property because they know you will regularly be checking in on the property.
Another key reason to come up with a plan for your property is so you can be prepared. If a sudden problem arises on the property, you do not have the time to go shopping for someone who can come in and complete the repairs. So, it is crucial that you plan ahead and get a strategy in place so that when issues arise, they can be cared for as quickly as possible. Planning ahead can also give you a more accurate picture of how much certain tasks are going to cost and the expected cost of labour you will be paying.
While the saying is. “If it’s not broke, don’t fix it,” that is not typically a good plan for your property maintenance. By leaving small tasks unfinished or ignoring them until they become a larger problem, you can end up wasting a lot of money in the long run.
For example, if your sink is leaking, you may feel like it is fine for the time being and choose to save yourself the 100-200 dollars it would cost to call in a plumber to quickly repair it. However, if left unchecked that leak could wear down the tap, and cause water damage to the countertop around it. Now, instead of a quick, cheap repair, you will have to pay to replace the tap and countertop. This can quickly add up across multiple routine tasks, costing you thousands more than you would have otherwise spent over time.
Discover Residential Property Management With This Step By Step Guide
5 Steps to Building Your Property Maintenance Strategy
Establish a Reliable Property Maintenance Team
The first step you should take in establishing a maintenance plan is to go out and shop for reliable and reasonably priced contractors and trades workers who you can call upon when you need work to be completed. This way whenever you need work completed, planned or otherwise, you know who to call.
While you are searching, be sure to ask for examples of the work they’ve completed, references and rates. This way you can form an accurate picture of the quality of work you will be receiving, and price point you will be receiving it at. Remember, even if a contractor is offering the lowest rate, they may not be offering the best service. Sometimes it is worth it to pay more if it means you are getting a better end-result.
Communicate With Your Tenants
When it comes to property maintenance, communication is key. Your tenants need to know they can reach out to you with any maintenance concerns they may have. Additionally, you need to be able to communicate with them to share any expectations you may have in regard to maintenance tasks that fall onto them as the tenant. This open and clear communication creates a healthier environment where both you and the tenants have clear expectations of each other.
Respond to Maintenance Requests Quickly
Once you have established a clear and open line of communication with your tenants, make sure to use it. If your tenants reach out to you with a maintenance concern or a request to have something inspected or repaired, make sure you do so promptly. This will help demonstrate to your tenants that you legitimately care about them and the property, while also allowing you to address any needs the property has as quickly as possible.
Schedule Regular Inspections
When it comes to maintenance, you should never simply wait until the tenant notices a problem. Instead, you need to be scheduling regular inspections to make sure the property is in top condition. Not only can this help you find any repairs that are required early-on, but it encourages your tenants to be more careful with your property since they know you are going to be inspecting it. Just be sure to communicate this schedule with your tenants in advance and keep it updated in case something changes.
Regularly Service Your Appliances
If your rental property comes with appliances such as an oven, fridge or laundry machines, you need to make sure those are frequently in working order. This way you can reduce the likelihood of any of them breaking unexpectedly. This is especially important because if any of these things to were to stop working unexpectedly, they could greatly impact the lives of your tenants and decrease their satisfaction with your property.
Bonus: If You Are Ready to Invest
Are you looking to buy a new rental property? You’re in the right place.
If you are ready to invest in real estate, it is time to lock in the lowest available rates right now. By getting a pre-approval with us at LendCity, we can assure that you get the lowest available mortgage rate for your next property from our network of lenders. So, get started today by visiting LendCity.ca or calling 519-960-0370 Alternatively, click the link below for a free strategy call with our team today.