Property maintenance is just one of the responsibilities that landlords must take seriously in order to become and remain profitable as a residential real estate investor. Unfortunately, it can also be one of the most difficult ones, especially when several units or properties are involved. If you are a residential real estate investor struggling to keep up with property maintenance for your tenants, here are some tips to help you streamline and improve the process for all parties involved.
Make sure that all routine and preventative maintenance tasks are being done
Landlords who were once able to handle their property management duties effectively often begin to fall behind as the number of properties they own and manage increases. When this happens, handling even routine maintenance tasks, like keeping the grass cut and replacing furnace filters, gets put off. Soon, tenants begin calling to complain about the appearance of their complex and HVAC units begin to malfunction, all of which will take even more time for an already stressed landlord to handle.
To avoid this type of snowball effect, landlords must create a workable schedule for performing all routine maintenance work and make sure that it gets done on time. In many cases, this will mean delegating some of the workload to meet the timelines of the schedule and keep the tenants happy.
Explore potential ways to delegate some or all property maintenance tasks
Delegating property maintenance tasks effectively can take many forms, depending on factors such as the number and location of the properties and the amount budgeted to ensure that the work is completed. Some possible options for delegation of property maintenance duties include:
- Allowing a reliable tenant to exchange rent for performing property maintenance duties for the entire building or complex in which they live
- Sub-contracting each duty to the appropriate service contractor to make sure that all routine maintenance and repair tasks are completed in a timely manner
- Outsourcing property maintenance duties to a professional property maintenance company
All of these options can work, depending on the actual situation the landlord is facing, but the third choice is usually the one that will allow the landlord to really streamline and simplify their business. The best property management companies will be able to provide a complete range of services that will handle all property maintenance needs, along with handling the collection and disbursement of rental payments, fielding calls and questions from tenants, and working to keep the units filled with high-quality, properly screened tenants.