Maintenance might not be the most exciting topic, but it’s extremely important when you’re managing a commercial or residential rental property. We’re breaking maintenance down into two specific categories that need your attention: preventative maintenance and general maintenance.
Preventative Maintenance to Keep Costs Low
A lot of the value in preventative maintenance comes from its contribution to a high return on your investment. If you put five dollars or five minutes into your property to avoid a $1,000 bill, you’re going to be willing to part with that time and money. So look at the high cost areas when you’re thinking about preventative maintenance. This could be the home’s foundation, the roof, HVACs, and other items. These are the basic things to take care of. Have an HVAC maintenance program that replaces filters and does semi-annual inspections. Make sure you have good drainage so there isn’t any water seeping into your basement. You want your gutters to stay clean and clear so water doesn’t get to your foundation. These seem pretty simple, but if you don’t do them right, the will become major expenses. If it’s not your priority, you’ll find it difficult to protect your home and keep maintenance costs low.
General Maintenance Considerations
General maintenance requires high standards. Categorize the items you need to take care of, so they’ll be easier to manage. One of the most basic things you’ll need to use as part of your general maintenance is paint. When you paint your property, set standards so you use the same sheen, the same paint brand and ideally just a few colors for your property. That way, when it’s time to touch up, you’ll find it much easier to do. You don’t have to paint an entire wall when you can remember what you used.
Invest in Quality Materials
You really need to make sure that you’re always using quality materials. A lot of landlords just think about their monthly cash flow, so when they do work at the property, they pick the cheapest materials. This might help your immediate cash flow, but the long term return on your investment will suffer.
If you have any questions about how to manage the maintenance at your investment property, we’d be happy to help you. Please contact us at Property Management Partners.