Maintenance is an essential part of any successful property management business, and having the proper best practices in place can lead to increased profits, improved value, and better control. It’s essential to develop a comprehensive maintenance plan covering all upkeep areas, including regular inspections, preventive maintenance, repair requests, tenant communication, vendor servicing status, and other relevant areas. Establishing best practices with your vendors and contractors responsible for professional upkeep tasks such as plumbing or electrical work, seasonal tasks like gutter cleaning, tree trimming, winterizing outside pipes and faucets, etc. The goal is to have an efficient system in place so that you can be proactive regarding repairs and respond quickly to tenant requests.
Knowing the best practices for maintaining your property can help you increase its value, save money, and satisfy tenants. Here are some best practices you can implement:
- Inspect the property regularly for signs of damage or wear.
- Address any identified issues promptly through repairs or replacements.
- Maintain common areas and landscaping to ensure they are safe and well maintained.
- Schedule regular cleaning services to maintain the appearance of the premises.
- Pay attention to safety regulations, mainly when dealing with hazardous materials.
- Ensure that all electrical systems are up-to-date and functioning properly.
- Test plumbing fixtures regularly to check for water leaks or blockages.
- Replace air filters as needed and according to the manufacturer’s instructions.
- Perform preventive maintenance regularly, such as pest control measures, painting, etc.
- Review rental documents periodically to ensure all conditions (insurance requirements, payment schedules) remain up-to-date and in compliance with federal, state and local laws.
- Perform routine checks to ensure all appliances are working properly.
- Make sure the building is well-stocked with supplies necessary for its daily operation.
- Keep abreast of changes in local, state or national legislation related to rental properties.
- Ensure all tenants adhere to their lease agreements and other relevant rules and regulations.
- Take swift action against violations of said rules and regulations as appropriate and legally permissible.
- Track tenant payments carefully, enforcing late payment policies when necessary.
- Investigate complaints from tenants promptly and take appropriate corrective actions.
- Develop relationships with nearby service providers (e.g., plumbers, electricians, etc.) and then formalize those relationships in standard agreements.
- Stay informed of the local real estate market to ensure that rental rates remain competitive.
- Monitor tenant turnover and use appropriate strategies to attract new tenants when necessary.
Maintaining your property is essential to running a successful business. With these best practices, you’ll be able to ensure that your property is well taken care of and secure for years to come. With the right strategy and proactive approach, you can save money in the long run and increase your property’s value. Good luck!