Preventative Maintenance Saves Landlords Money…and Headaches

Now that you have a renter for your rental property, it’s time to have a preventative maintenance plan to insure that everything stays in working order. This is your hard earned money invested in this property so it’s imperative that you conduct regular inspections to be sure small problems don’t turn into larger problems in the future.

No doubt you’ve heard those stories about people who rent cars and then drive them into the ground? The same is sometimes true with property renters. Some people don’t have common sense or care about their surroundings so it’s up to the landlord the ensure their investment is protected.

It’s also a well-known fact that tenants won’t complain to their landlords about small problems…usually they wait until the problem escalates to something more serious (and more expensive) before contacting the landlord. Depending on the problem, fixing it could be another large investment in itself, especially if it’s lead to problems in other units.

Here are some tips landlords can follow to protect their properties:

• Determine when you will conduct regular property inspections. Many landlords prefer to do these on a semi-annual or annual basis. You can try to schedule them quarterly but more frequently will make you the nosey landlord.

• Give sufficient notice to your tenants about the inspection. If they know about the inspections when they sign the lease, all the better. Reminders should be posted at least 48 hours in advance unless the rules are different in your area.

• Create a checklist of specific areas to inspect for each property you own. Your time is valuable so use a checklist to stay focused.

• Check that outlets are not overloaded and that space heaters are not left on or too close to the furniture. All it takes is one simple mistake for a fire to erupt.

• Are the drains plugged up? Are the toilets and/or faucets dripping or running continuously? Dripping water can be costly over the course of a year but can also lead to more serious water or pipe damage.

• Make careful notes about what needs to be fixed or replaced. Take care of the most serious problems first.

• Don’t be stingy when it comes to making repairs. If you notice a cracked tile in the bathtub, fix it correctly and quickly to avoid big leaks or mold infestation. Turning a blind eye will most likely lead to more expensive repairs in the future.

• If you don’t know how to fix something yourself, hire a professional. Not all landlords are expected to be handymen but they should have a regular list of trusted contractors to call at a moment’s notice.

• Regular maintenance inspections will keep tenants safe…and will avoid lawsuits.

Be proactive when it comes to protecting your real estate investment. As with anything else, preventing a possible problem is always preferable to solving a bigger problem down the road.

Do you have a preventative maintenance plan in place? Let us know below in the comments section what else you look for during these inspections.