Property management is a crucial part of property investment. For example, tenants would find it unreasonable to pay an exorbitant price for a severely damaged property or with outdated fixtures and appliances. Therefore, landlords must invest time, money, and resources in maintaining and updating their property to uphold its market value.
Property maintenance is an ongoing part of property investment. It is a systematic process you must carry out whenever a new tenant is about to move in.
Not only is it necessary to retain tenants, but property management upholds the value of your asset in case you plan on selling it in the future. It’s also crucial to provide your tenants with a good and positive living experience. Consider these seven tips for better property maintenance and happy tenants.
- Minimize admin tasks
Unlike other investment assets, managing properties requires time and effort. For effective maintenance, it’s helpful to minimize administrative asks by adopting systems. Systems that help you stay on track with the renovation and maintenance of your property to save time and stress. You can create checklists for regular maintenance, inquire about potential tenants through survey forms, or stay in contact with them. You can use property management software or digitally track all maintenance and renovation tasks. Develop a system where when a tenant moves out, you’re equipped with labor and resources to repaint the property, update fixtures and resolve any plumbing issues.
- Handle pest issues timely
An essential aspect of property management is to ensure that your property is livable for your tenants. Make it a practice to hire a pest control agency as soon as a tenant moves out and you’re revamping the place for a new tenant. Cleanliness and hygiene are crucial for property maintenance. Pest infestation would not only cause health issues but also dampen the demand for your property as no tenant might want to move in. Regardless of a pest complaint from your tenant, invest in annual inspections. For example, consider inspecting your property in an area with heavy termite or pest infestations every six months.
- Deep Cleaning Services
Though you would expect your tenants to look after your property with the same regard as you would. But, even with the best tenants, there are likely to be hygiene and maintenance issues. Your tenants might not leave the property in the best shape you would expect. Therefore, it’s essential to invest in a deep clean from time to time. Hire a professional cleaning company to make your job easier and more effective. Not only will this set a good impression on your tenant, but it will set standards with them throughout their tenancy. Ensure the entire property is clean, from the kitchen sinks to bathroom floors.
- Do repairs as soon as possible
Apart from annual cleaning and renovation, make it a habit to perform repairs as they arise. Instead of delaying the task and increasing your long-term expense, it’s better to deal with it promptly. Often minor repairs don’t seem urgent, and landlords tend to put them off out of laziness. To avoid delays, ask your tenants to inform on time when a repair or renovation is needed. Sometimes you may have to visit your property and assess the situation yourself. Nonetheless, it’s better to invest in minor repairs before they become irreversible issues. A helpful tip is to set aside an emergency fund for precautionary expenses, so you don’t have to run down personal savings.
- Review policies and check-in regularly
One of the most effective ways to ensure your property is in good shape is to create policies and rules for your tenants to follow. Include these policies and guidelines in the tenancy agreement so that your tenant is bound to abide by them. However, remember to review and update your policies every year. Briefing your tenants regarding property maintenance isn’t enough. Make sure to visit and check your property in person regularly. Remember to inform your tenant beforehand, as no one likes surprise visits! Keep them in the loop by messaging or mailing frequently and asking if there are any maintenance issues they’d like to discuss. Doing so will help you resolve any problems before they transpire into a costly expense.
- Get electrical inspections
Like pest inspection and cleanliness, performing regular electrical checks is necessary to keep your property safe. Hire a licensed electrician to check wiring, fixtures, and appliances. Make sure to provide your tenant with a safety report as well. Electrical checks ensure you’ve fixed electric wiring issues and dealt with fire hazards or shock risks beforehand. Not just for the safety of your tenant and your property, but electrical checks are necessary for the safety of those living nearby.
- Inspect bathrooms
Bathrooms are the most-used part of any property. Therefore, invest in cleaning drainage pipes, inspecting shower caulk, and cleaning grout on tiles. Showers, sinks, and cubicles show the most wear and tear. It’s not just visually unappealing but unhygienic if you’re not deep-cleaning and updating your bathroom. Hire a professional to check caulking around the shower and inspect for drips or leaks in the walls that could develop mold if left uncleaned.
Property management is worth the time and investment. Not only does it help build a positive relationship with your tenants, but it keeps your property from damage and potential risks. However, since it’s an ongoing process, it requires active effort. Consider the tips mentioned above for upkeeping the value of your property.
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