Rental properties are great investments. They provide you with a revenue stream that will only be more valuable as the years pass. But if you want to get and keep tenants, you need to keep the property in good condition. Maintenance is one of the main reasons why good tenants stay in rented properties, and of course, reasonable rates. Here are some things you could do to make your property the best option for rental properties.
Schedule Regular Inspections
You need to know if something is wrong with your property before you can fix things. For that to happen, you need to do inspections regularly. There are four types of inspections that you should do. The first one is a moving-in inspection. This is what you should do before a tenant moves in. This helps identify any potential problems that the place developed since you last inspected. Besides finding anything that needs fixing, it will also give an idea of the state of the place before the official moving day of your potential tenants.
Next, there are two inspections that you do while the tenants are there. One is the in-depth routine inspection. You notify your tenant you are coming and they will be waiting for you. You then look over the property thoroughly with their help so that you both know the state of the property. The other type of inspection is the drive-by inspection. This is a surprise visit, usually just taking your car around to see the exterior of the property. It would be best if you did this after major storms or something similar to see whether everything in good condition.
Finally, you’ll want to do a moving-out inspection. This is mainly to identify whether the tenant damaged the property. You also want to see how much wear-and-tear the property endured. This allows you to plan for any refurbishing and repairs.
Have A Repair Fund
The big mistake that many landlords make is that they don’t have the funds ready for any repairs and maintenance. As a good landlord, you should set aside some money.Two potential rules should manage how much you should save. According to professional property managers, it is a good idea to save one percent of the annual rent for the property. This means that if your property takes in $100,000 a year, then you should set aside $1,000 annually. But that may not be enough. Many people are now using the 50 percent rule. Every month, they divide the rent money, and half goes into a repair fund. This can mean that you are not earning as much as you could be, but it also means that if a major repair needs doing, then you have the funds for it.
Monthly Pest Extermination
One of the biggest sources of damage and complaints about any rental property is pests. This can include rodents, termites, and more. All of them can cause problems for your tenants while damaging the essential parts of your property.
If you don’t want a major infestation to happen, it is a good idea to do regular extermination. You can do it every month or every few months. While you can do it yourself, it is better to have a professional exterminator to come in. This sounds expensive, but it can be worth it. Cleaning out the pests will keep your tenants happy and safe.
Know When To Call In An Expert
Most of the time, your tenants will call you up because of a maintenance problem. This might be leaky pipes or clogged gutters. If you want to save money and you have the time, you can do the repairs yourself. This is a good idea if you have the skills for it. But there are times when it is better to call in a professional. For example, HVAC repair can be complex and is outside the experience of many people. You’ll want to hire an expert to fix that problem. It can be expensive, but like pest extermination, it can be worth the investment.
Besides fixing problems, you should also do some seasonal cleaning of the property. This can range from cleaning out the gutters to replacing the air filters. You could also do some painting to give the property a fresh new exterior. This cleaning helps improve how the property looks and can prevent many problems from happening like blocked gutters and mold growth.
As a landlord, you have a responsibility to your tenant to provide them with a habitable place to live. Doing your job ensures that they will stay happy and have a better chance of staying.