Rental property preventative maintenance
If you have a preventative maintenance plan in place, it’s easy to stay on top of the things that may need attention on a routine basis. Make sure your tenants know how to report maintenance needs, and be responsive to those notifications. Choosing vendors is a huge part of maintaining your home. When you look for the cheapest possible work, you can actually end up spending more in the long term.
Protecting the Condition of Your Property
To protect the condition and the value of your investment, you need to maintain it with quality work. Sloppy work or unfinished work will only result in additional repairs and more expenses. This is why it’s so important to develop relationships with good vendors who you can trust. Look for professionals who will stand behind their work. A cheap vendor will cut corners and avoid taking the extra steps necessary to prevent further problems. This can cause damage to your property, put your tenants at risk, and increase your overall maintenance expenses.
Work with Licensed and Insured Vendors
Insist on working with licensed, fully insured, vendors and contractors. These professionals will often cost more than uninsured vendors, but you’re getting better work and you’re not risking lawsuits and claims. If you hire an uninsured vendor to clean tree branches off your roof and he falls off a ladder and gets hurt, you could be responsible for his medical bills and any other damages for which you are sued. The risk is not worth the few dollars you might save working with an unlicensed laborer. Ask to see proof of liability insurance, licensure (if appropriate), and worker’s compensation insurance before you hire anyone to work at your property.
Make Preventative Maintenance a Priority
There isn’t a repair that’s going to get better with age. When something is broken or old, don’t wait to repair or replace it. Take care of the work right away. Otherwise, that simple problem will become more complicated and more expensive. A preventative maintenance plan ensures everything continues to function and shows your tenants that you care about their safety and comfort, and about the condition of your home. Some simple things you can do include having your HVAC system inspected annually. Bring in someone to clean out your gutters and check your roof. Preventative checks can save you a lot of money and time.
Developing relationships with quality and service-centered vendors will save you money at the end of the day. While you may spend a little more for their services, you’re saving yourself money in additional expenses and you’re avoiding low-quality vendors who will do bad work and then nickel-and-dime you. You’re also showing your tenants that you care about quality. Positive and responsive maintenance leads to tenant retention and reduces your vacancy and turnover costs.