Everyone probably warned you about the maintenance your rental property was going to need but it’s hard to imagine what it will really entail until you’re actively managing a property. The truth is, proper maintenance requires a lot of careful planning and the right networking. You have to both constantly think ahead and think on your feet at times. At Specialized Property Management, we know all the ins and outs of rental property maintenance and have long standing relationships with high quality vendors with fair pricing. We’ll help you maintain your property in a way that saves you time, money, and most importantly-stress.
Prepare for Rental Property Maintenance
Proper rental property maintenance keeps your tenants safe, healthy, and happy while keeping your property running smoothly and looking great. Maintenance is something you’ll have to pay for, but you can be cost-effective if you plan ahead. You should also get to know your property. For example, if your property is an older home, you may have to spend a little extra money on repairs. Make a list of potential problems your property may have and start setting aside money so when things do happen, you’ll be ready.
It’s also a good idea to have your tenant take pictures of the property when they move in to document how the property looked before wear and tear. Fit Small Business explains, “While it’s not required by every state, it’s a good practice to have tenants inspect their rental unit within the first two weeks of moving in and sign an apartment condition agreement or statement. This document allows you and the tenant to acknowledge in writing any pre-existing conditions in the apartment that you may have missed beyond what is considered reasonable and normal wear and tear.”
Plan on Things Breaking
Your rental property may be 20 years old, or brand new, but either way-stuff will break. Normal wear and tear from everyday living can cause problems and water heaters, heating and air conditioning units, and other appliances don’t last forever. Keep in mind that they may just need a routine repair, or if things are really bad-a complete replacement. It’s your job, or your Specialized Fort Worth property manager’s job, to make sure you are ready for either and have those expenses factored into your budget.
Expect Tenant Turnover
Even when you’re doing everything you can to keep tenants happy, tenants moving in and out of your property is inevitable. Changes in life occur that may cause even a wonderful, long-term tenant to have to leave and every new change can cost you time and money, especially when it comes to rental property maintenance. You’ll have to prepare the property for the next tenant which could include cleaning costs, repairs, new paint, carpet, and bringing certain items up to code.
Routine maintenance as well as vacancies can be overwhelming and expensive. Specialized Property Management understands all that is involved after over 30 years of experience. That’s why we teach our clients to be prepared for the unexpected and plan ahead financially by setting aside approximately 2 months’ rent per year for maintenance costs. That way, when something unexpected happens, you’ll be less stressed. As your trusted Fort Worth property manager, we also provide our clients with access to our network of reliable contractors who may provide discounts on appliances, cleaning and repair services along with high quality service.
Create a Preventative Maintenance Protocol
A great way to plan ahead is to assign certain maintenance responsibilities now and make sure everyone is aware of their job. For example, is changing out the air filters your job or the tenants’ responsibility? How often will you schedule property inspections? Are you going to take care of landscaping or hire it out? Try to think of everything you can and make a list so you know what is going to happen in any given situation. Make sure you include all tenant and landlord responsibilities clearly in the lease agreement and have tenants read them and agree before they sign. This is another service that your Fort Worth property manager can provide. Check the following lists from FitSmallBusiness for ideas of what you may need to keep a close, consistent eye on.
Schedule Regular Inspections
According to SmartMove, there are 4 types of inspections to consider performing on a regular basis to make sure your rental property’s maintenance is up to code and working well.
- “Move-in Inspection: This walk-through inspection is typically done with the tenant. This provides an opportunity for the tenant to identify any concerns and for the landlord to document the condition of the property when it was turned over.
- Routine Inspection: Landlords should schedule regular inspections of the property with the tenant, ideally on a quarterly basis. A landlord should provide prior notification before entering the property; often the terms of the lease will specify the particulars regarding these visits, or local law will. This is an opportunity for the landlord to identify maintenance issues or for the tenant to discuss any problems such as that leaky faucet.
- Drive-by Inspection: Routinely stopping by the unit to observe its outside condition can help spot issues such as the unauthorized presence of a pet.
- Move-out Inspection: As the name implies, this inspection comes when the tenant moves out. This inspection is not only the time to identify any damage a tenant may have caused but for the landlord to note what normal wear-and-tear repairs or maintenance issues may need to be addressed before the unit is rented out again.”
Keep Tenants Happy
Another key way to lessen maintenance costs is to make sure that your high quality tenants are happy. You want them to stay if they are paying rent on time and taking good care of your property and the longer they stay, the less you’ll have to worry about costly rental property maintenance expenses or vacancies that delay cash flow. Keep your tenants happy by being proactive in preventative maintenance, responding quickly to things that need your attention, and communicating effectively with your tenants. You can be proactive by scheduling regular property inspections, performing seasonal maintenance, and making sure the home complies with code requirements. Specialized Fort Worth Property Managers takes care of all of these things for you, including communicating with your tenant and responding quickly to maintenance requests through a 24/7 live hotline. We make every effort to keep your tenants happy and save you money.
Choose Specialized Property Management
Join the thousands of satisfied property management owners who trust the experts at Specialized Property Management in Fort Worth. While it is possible to maintain your properties all on your own, it is much easier and cost effective to let the experts handle it for you. Our team of Fort Worth property managers is already completely prepared for any and all maintenance related issues and they know how to make rental properties look and perform their best. When you own rental properties and try to do it all on your own, you are risking your business’s financial security.
A great property management company on which you can rely is easily the best thing you can have when you invest in real estate. As you begin your research, you’ll see that there are many options out there. Depend on Specialized Property Management, who offer all of the rental property maintenance services described above and have a 98% customer satisfaction rate. We can help you with any rental property ownership task. We’re confident that we can help you decrease the stress in your life, save time and money, and increase your passive income. We offer a free market assessment when you choose to work with Specialized Property Management. Put our experienced team of experts and process to the test today! Contact Specialized Property Management today and learn how to get started.