Over the years we have seen many nice properties degrade from the simple lack of routine preventative maintenance. Routine maintenance items are usually inexpensive easy fixes if caught and repaired in a timely manner. Over time even the smallest issues left unchecked can cause a chain reaction of damages to your property and end up causing you much more in the long run.
Most commonly we see this happen in 3 ways.
1.Tenants do not report maintenance issues.
2. Tenants report maintenance issues and the property manager or landlord ignores them.
3. The property manager or landlord does not inspect the property or if they inspect they are not properly trained on what to look for.
Maintaining a property is a time consuming task for anyone and unfortunately one that some property managers and landlords choose to ignore. Maintenance issues will not go away and in most causes will just get worse.
A property owner should expect to pay 10% of the rent collected each year towards maintenance and replacement of components. This depends on the age of the property and its components but is a good rule of thumb to go by.
The first step to properly addressing maintenance issues is to inspect the property.
The property should be inspected on a annual basis, both the interior and exterior.
Make sure the person inspecting the property knows what to look for.
Once the inspection has been completed each issue should be addressed properly in a timely manner.
Maintenance plays a major role in the success of your investment. Properly maintained property’s will rent faster at market rent, retain tenants for longer and will bring top dollar if you ever decide to sell. Next time you hire a property manager make sure they understand the importance of routine property maintenance and how it affects your bottom line.