Most property investors think the biggest mistake they can make is to invest in the wrong property.
But there is another aspect of real estate that's often overlooked, but one that can create even more problems and expenses. That's property maintenance.
However, with some careful planning, you can stay on top of your maintenance demands on your Greenville, NC property without breaking the budget. Here's how.
Know the Rules
Specific regulations and laws impact rental properties. And it's essential to know these as they may govern how you maintain your property.
For example, you must have smoke and carbon monoxide detectors in your rental in North Carolina. That means checking these detectors to ensure they are in good working order and fixing them when they break.
So, when planning your maintenance, make sure you or your property manager is current on the law. Check whether your maintenance plan meets housing and tenant regulations.
Create a Schedule
Keeping to a schedule will help you stay organized. Keep a calendar and add all your appointments to ensure your property maintenance process is in one place. If you have an online tenant portal, you could use that instead.
Remember to think about seasonal demands, too.
For example, inspecting an HVAC system before the hot summer months begin is always best. When using a schedule, remember to keep it linked to your records to ensure you hold accurate data about all your properties.
Choose Reputable Contractors
Reliable contractors and vendors will make sure your maintenance is timely and correct. So take the time to research local maintenance experts who can help look after your properties.
Check if they have licenses, and ask for references from other property owners. It's helpful to build a long-term relationship with your most trusted contractors and use them to oversee all your properties.
Communicate Regularly With Tenants
Good communication with residents will guarantee maintenance happens on time. Tenants need notice if a contractor is due at a property, so ensure you have good communication channels.
The best method is a tenant portal. These systems can provide instant notifications to tenants to let them know about a visit, and they're also a place where they can make property maintenance requests.
But don't be afraid to pick up a phone and speak to a tenant directly about a maintenance issue. It's often the fastest way to resolve a problem.
Create a Budget
Ensure you set aside funds for all your maintenance and repair needs, including a contingency budget for emergencies and unexpected problems.
You must monitor your monthly spending on maintenance and ensure you have enough funds in reserve. You don't want to run out of money halfway through the year and face a high repair bill you can't afford.
Property Maintenance: Keeping Things Organized
Property maintenance is a central part of any landlord's responsibilities. And there are times when it can feel like quite a demand, which is why it's essential you stay organized.
That's one reason many landlords use professional property managers instead.
At Flagship Realty Group, we provide a range of specialist property management support for landlords, including maintenance. For more information, head here.