10 TIPS FOR MAINTAINING RENTAL PROPERTIES
Regular maintenance of a rental property is an important part of being a landlord or a property owner. It’s essential you make sure the rental property is up to code and in good condition for tenants.
1. OUTLINE THE RESPONSIBILITIES
A good property maintenance plan starts with a signed lease. Make sure you outline what responsibilities you and the tenants have after the move in. Generally, tenants must take care of regular upkeep such as removing trash, changing light bulbs and minor maintenance issues. Landlords and property managers are responsible for major maintenance issues like heating, electrical and plumbing.
2. DOCUMENT THE CONDITION OF THE PROPERTY
Before new tenants move in, you should document the condition of the property. Take videos or photos and make a list of anything already damaged. By having photos of what everything looked like you will avoid disputes.
3. CREATE A PREVENTIVE PROPERTY MANAGEMENT SCHEDULE
Prevention is cheaper than a cure. It applies to a lot of things including property maintenance. By formulating a schedule for preventative maintenance, it will be easy for you to catch the small issues before they become larger costly problems.
4. KEEP LANDSCAPING LOW-MAINTENANCE
Landscaping should be kept as low maintenance to ensure that it is aesthetically pleasing year-round. This way neither you nor your tenants will have to worry about taking care of the lawn.
5. STANDARDISE YOUR RENTAL PROPERTIES
Whether you are managing several rental properties or just one, it’s very convenient to use the same flooring, paint, hardware and appliances in all of them. This will save you time and effort and avoid confusion in any case.
6. KEEP ALL THE DOCUMENTS & RECEIPTS
Owning rental properties is a business in its own right, so there are some maintenance repairs and projects that may fall into the category of business expenses and be tax-deductible. Keep all of the documents and the receipts and write down the time that was spent on repairs. It’s a good idea to work with an experienced tax professional who will make sure that you are compliant with the local laws and regulations.
7. MAKE THE PROPERTY FEEL LIKE NEW
All new tenants deserve to live in a home that has been freshly painted and deeply cleaned. Your responsibility is to offer them a property that is move-in ready. You should have carpets sanitised and professionally cleaned. Don’t forget to change the locks after the previous tenants move out.
8. AUTOMATE WHERE POSSIBLE
Your tenants may forget to replace smoke alarm batteries so it’s a good idea to invest in batteries that last longer and have fixtures that turn on automatically. Consider getting motion lights or solar lights installed in the front yard and backyard and automatic bathroom fans. It might seem expensive to buy some of these fixtures, but it’s worth it in the long run.
9. HIRE PROFESSIONAL CONTRACTORS
As a landlord, you can choose whether you want to DIY certain jobs but some jobs need to be handled by professionals such as plumbing or electrical issues. You are required by law to hire plumbers and electricians that are licenced. Always check that the trades professional you hire, has valid insurance cover.
10. SAVE FOR RAINY DAYS
A good landlord is prepared for almost anything; leaks, floods, fires. To quickly solve any problems, have a contingency fund readily available.
If you’d like to know more about Property Maintenance, you can call our expert team at The Rental Managers on 07 4755 1800 and we’d be happy to answer all your questions.