Picture this: Your investment property has a sudden bug problem, a leak, or a major issue. How can you handle this quickly and effectively, especially if you have tenants?
Have you ever wondered how you plan your property maintenance for your investment property? Here are some tips to make your property management even easier.
Have an Emergency Fund
You should always have the funds to pay for property maintenance issues when they arise. It is important to have money set aside for this exact purpose.
A good rule of thumb is to set aside a percentage of your home's value for maintenance and repairs, which is anywhere from one to four percent.
Respond Quickly
If your tenant gives you notice about issues or makes a complaint, you need to respond as soon as possible. This shows that you care about their well-being and also that you care about the property.
You should also keep the tenant in the loop when it comes to the timeline for the repairs. For instance, if you need to shut off the water due to a plumbing problem, give them notice to make other accommodations.
Work With a Property Management Company
It can be difficult to keep track of maintenance requests when you have a large investment property portfolio. This is where a property management company can benefit you.
The property management company can be the middleman and resolve issues like maintenance problems. Rather than the hassle of doing it yourself, you can pay the property management company to take care of it on your behalf.
For instance, if you are out of town and a tenant needs repairs, a property management company can contact the right person and get the job done.
Find Quality Maintenance Professionals
You need to find professionals whom you trust to take care of your property when it needs maintenance. Networking with maintenance professionals is essential to getting timely and excellent service.
If you manage many different properties, you can even have professionals on-call who can work on a variety of common issues. Your property management company may also have a network of professionals.
Do Preventive Maintenance
One of the easiest ways to save time and money for your property is to do preventive maintenance. Preventive maintenance involves keeping up with cleaning and smaller repairs on assets to avoid costly repairs or replacements down the road.
With preventive maintenance, you are much less likely to face disastrous situations that require reactive maintenance.
Make a schedule of regular maintenance tasks and make sure that you complete them when they are due. Though they may seem tedious, your wallet will thank you in the long run.
Investment Property Maintenance Made Simple
When investing in a portfolio property, you shouldn't constantly worry about property maintenance. Keep this guide handy to ensure you're doing property maintenance right and giving the best service to your tenants.
Do you want to invest in property in the Punta Gorda, Florida area? Look no further.
Our team of experienced professionals at PMI Heartland is ready to assist you with all of your property management needs. Contact us to get started.
