Repair costs plague every homeowner. They simply come with the territory. Conducting scheduled maintenance on a real estate property can abate expensive home repairs, but some unforeseen problems are inevitable. Experts at Motley Fool recommend having 1-4 percent of the home’s value available to cover regular maintenance expenses.
To further minimize common rental management headaches, such as costly repairs, owners should create an emergency fund designated for home repairs over and above typical maintenance costs.
Maintenance Tips for Proper Rental Management
Owners of rental properties are no exception. Ordinances require that investment property owners provide a safe and well-maintained living environment for their tenants. Through lease contracts, landlords agree to any upkeep necessary to provide this environment. Meanwhile, tenants agree to treat a property they lease with respect and notify owners of any issues as they arise.
Proper maintenance programs should minimize future problems. For example, regularly changing the air filter in an air conditioner will improve the overall life of the unit in our central Florida heat. No one wants to risk an HVAC system failing on the first 100-degree day of the year.
Owners who consistently maintain their rental management property will protect their investment and indirectly protect a revenue stream. Happy tenants stay longer and properly maintained rental units will see little vacancy time in between renters.
Rental Emergencies Happen
Even the best maintained homes sometimes experience unexpected repairs. Owners need to be prepared to swing into action quickly to solve problems when they arise. Whether they fix the issue themselves, or hire a contractor, repairs should be completed correctly and in a timely fashion. In our experience, duct tape or plumber’s putty rarely solves the root of the problem.
If a tenant attempts to solve a small problem themselves, this can exacerbate the issue into a full-blown emergency. Therefore, unless it is a basic house hiccup, like resetting an electric water heater, renters should be encouraged to report all problems when they happen. This means landlords should outline a formal avenue of reporting problems as part of the lease contract.
Meet Our Property Management First Responders
At The Realty Medics, we pride ourselves on offering our tenants access to outstanding rental properties. We guarantee any home managed through us meets or exceeds all required governmental ordinances. Once a renter leases a property, they too must uphold their end of the contract and notify us promptly about any issues.
Renters must submit all requests in writing in our tenant portal. Through our program, we provide 24-hour emergency services to tenants and quick responses to routine repair and maintenance requests. This means our property management first responders also provide owners with peace of mind and minimal inconvenience when dealing with problems.
Once a request enters the system’s workflow, we contact the property owner for approvals before beginning work. When repairs are necessary, owners always have the option to hire their own contractors. But we also offer the option to utilize our network of trusted vendors at our negotiated rates. If an owner does use our vendors, we’ll oversee the entire project. Owners will be updated on progress but otherwise will not need to be involved.