Can you believe that the rental property industry is worth more than $169 billion in America?
Being a property owner is certainly profitable, but any kind of business comes with expenses as well. Taking the time to learn about expenses that can come your way will help you prepare for financial success in the long run.
Are you ready to learn more about property maintenance so you can keep your investment in top shape? Read on to understand the most common rental property maintenance errors so you can be a smart property owner.
Not Complying With Property Maintenance Laws
Some landlords forget that slowing down the property maintenance process could land them in big legal trouble. If a tenant loses access to running water, then this issue is considered an emergency, and it needs to get resolved within a certain timeframe.
It's always ideal to be as fast as possible so you can keep your renters happy.
Hiring the Wrong Businesses to Fix Issues
One way that some landlords try to save money on repairs for rental properties is by doing the work themselves. While some problems are easy to fix, you'll be better off hiring an expert in most cases.
Do your research on each contractor or hire a property management company to handle maintenance requests on your behalf. The last thing you'd want is to hire someone who isn't qualified and jeopardize the value of your investment.
Using Quick Fixes Rather Than Permanent Solutions
It's always important to keep an eye on property maintenance costs so you can ensure that your business remains lucrative. Setting a budget will help you stay on track, but you need to be realistic about your expenses.
If you continue to have a quick-fix approach, then you'll end up spending more money in the long run. When issues continue to resurface, your tenants will get upset and want to move out.
Not Conducting Regular Rental Property Inspections
Conducting property inspections will help you create a schedule and address issues at the right time. Taking a look inside your units will also let you determine what's normal wear and tear and what damage is caused by irresponsible tenants.
If you're dealing with bad tenants, then you'll need to find a solution to restore your unit without spending any of your earnings.
Neglecting Preventative Maintenance
You shouldn't wait around for issues to crop up to do maintenance tasks. It's much more affordable to invest in preventative maintenance.
For example, getting your HVAC units serviced each year will prevent you from replacing the entire unit if it breaks down.
You Don't Want to Make These Rental Property Maintenance Errors
Every property owner who wants to get the most out of their investment needs to prioritize maintenance. Now that you know which rental property maintenance errors to avoid, you can plan for a bright future.
Are you interested in property management services in the Gresham or Portland, Oregon areas? Contact us to learn more about how we can help.