Every landlord and every property manager knows the stress that comes with managing a property. This job has so many different moving parts and so many things you need to think about, yet there will always be a new thing to pop up and cost you money. But, it is possible to take away some of the stress by maintaining your property like a boss.
Manage your own time
You could be managing a tiny Airbnb or an entire building of apartments, it doesn’t matter—if you can’t manage your time, you won’t be able to manage any type of property. Why? It’s because most tenants have serious issues with patience. Even the most tolerant tenants will not sit quietly and watch you procrastinate. So, taking your time to address the maintenance issue will definitely damage your landlord-tenant relationship, your reputation as a property manager and can even end up costing you more money. So, manage your time well and do your best to address issues as soon as you can.
Choose good tenants
Sure, you might want to fill any vacancies as soon as possible in order to keep the money coming, but choosing good tenants who will stay at your property longer, always pay in time and keep the place in good shape is always more important. Like with everything in life, quality has to come before quantity. So, don’t worry if you lose a month’s rent due to thorough tenant interviews. It will definitely be worth it in the long haul.
The best way to keep your tenants content and reduce your number of complaints is to attend to their concerns immediately. If they report any kind of damage or malfunction on a property, address it as soon as possible. This way, your tenants will see that you care about their comfort and safety and will have more understanding when certain repairs take longer to take care of.
Do you know that if you lose only one repair receipt, it can result in less tax deduction? Or, that one lost lease can result in months in eviction court? Keeping everything in check (property listings, tenant screenings, payment collecting and maintenance handling) can help you generate more revenue. But, if you’re a busy landlord, you probably don’t have time for confusing Excel spreadsheets and piles of documents. Luckily, you can use some of today’s technology to your favor. For instance, you can try one of many property management software solutions. If you start using a quality property management software, you can expect various benefits like easy accessibility, easy communication and collaboration, fewer costs, improved security and simple storage. Everything that concerns your business will be safely stored in one place and you’ll have plenty of time to dedicate to better maintenance and tenant control.
In order to reduce costly emergency repairs, try to conduct regular fixture and appliance tests. For instance, try testing the heating before winter and air-conditioning before summer. This will only take a few minutes of your time yet it could save you a lot of trouble. Clean the vents and replace filters regularly as well.
Take care of your outdoor space
Taking care of your lawn, pool and other outdoor features is a great preventive measure. Think pruning, lowing, trimming and other plant maintenance. This move will help reduce insect and pest control, keep the property clean, allow proper plant growth and boost safety. Additionally, the exterior lights that surround your complex or your apartment are also your responsibility. It’s especially important to maintain the security of your underground garage and storage areas. As soon as you notice any broken lights, replace them immediately.
Flush the water heater
Water heaters are pretty expensive, so make sure to take many maintenance measures to keep them in top shape. Once every year or every two years (depending on the water condition in your area), drain the water heater and remove all the sediment buildup from the unit. Too much sediment buildup will not only reduce the efficiency of the water heater but also risk clogging the drain valve. If you’re not sure about doing this process yourself, make sure to call professionals who will do everything in record time.
Call the pros
Even if you’re a good handyman, you probably can’t and shouldn’t fix everything on your own. For instance, pest control, mold removal, electricity issues and leaking pipes are repairs best left for professionals. If you attempt to do them yourself, you’re risking creating huge damage that will make the problem worse and more expensive. So, spending money on professionals will actually save you money in the future.
The biggest part of being a good landlord or a property manager lies in good maintenance—being quick, honest and doing your best to make the tenants’ stay comfortable. While this isn’t always easy, if you organize your time, employ technology and have a few experts on your disposal, you’ll have a happy and well-paying tenants.Never miss an episode of our real estate podcast. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube