Individual investors own approximately 70% of all rental properties in the US, and 34% of American families live in rental housing.
The fact is, there is huge potential for investing in rental properties, but you have to ensure you're keeping your properties in the best shape possible. If you're not prioritizing property maintenance, you're missing out on significant investment potential.
Learning more about essential property maintenance tips will help you get on the right track. Keep reading this guide to learn what you need to know.
Perform Repairs Quickly
One of the most common maintenance mistakes landlords make is waiting too long to fix things. Not only does this lead to upset tenants, but it also allows minor issues to become major repairs.
For example, leaving a leaking toilet or faucet for too long can result in a significant leak, causing extensive water damage.
Finally, neglecting to fix things promptly can lead to legal trouble. North Carolina law states that the landlord must make necessary repairs like:
- A/C and heating
If you don't make these repairs, your tenants can seek monetary damages.
Create a Maintenance Checklist
A maintenance checklist is necessary to stay on top of all your maintenance needs. To do this, it's best to begin by addressing weekly routine maintenance like:
- Picking up trash
- Raking leaves and removing debris
- Shoveling walkways and steps
- Weeding gardening beds
- Disinfecting common areas
- Vacuuming and mopping floors
In addition, you'll need to develop a monthly maintenance checklist that helps you stay on top of safety issues. This checklist should include:
- Inspect lighting in all common areas
- Make sure door and window locks are functioning
- Clean gutters
- Inspect all walkways and driveways for damage
- Ensure no entrances are blocked
Overall, creating a checklist helps you to get a visual of everything that needs to be done. You'll also be able to determine what tasks you can take care of yourself and what you'll need help with.
Consider Hiring a Property Management Company
Hiring a reputable property management company is one of the best things you can do after you invest in real estate. A property management company can handle all maintenance tasks for your property.
They also have access to technology and use electronic work orders to make this communication faster and more efficient.
Once a tenant submits a request, the property management company will notify you and schedule service with a reputable vendor. The best part is that your tenants can make these requests 24/7.
Property management companies have access to local, reliable vendors that provide quick service to meet your needs.
Not to mention, property management companies have many other real estate benefits they can offer like:
- Full tenant screening services with background checks
- Marketing services that include advertising vacant properties
- Accounting services like rent collection
- Automated owner statements
- Online portal access for all owners
All in all, using a property management company allows you to maximize your investments.
Hire Professional Property Maintenance to Protect Your Investment
Knowing essential property maintenance for landlords will save you time and money in the long run.
However, this maintenance guide is just the beginning. It's time to take the necessary steps to protect your investment by turning to Wilkinson Property Management.
We began helping property owners in the greater Charlotte, NC, area in 1999 and are a local professional company you can trust. We provide 24/7 resident and owner support services using the latest technology.
Put your maintenance and property management in our hands, and contact us today to discuss your needs.