You've crunched the numbers on your new rental property and they all add up. You found a great location, screened trustworthy tenants, your paperwork and documentation are tight, and your policies are clear and understood. With all that going for you, how could you possibly lose? All your profit can turn into losses if you forget the importance of preventive maintenance on rental properties.
Among the biggest mistakes landlords make, neglecting preventative property maintenance is one of the top reasons landlords lose profits. Make sure your shining gem of a rental property doesn't put you under. Follow this checklist for preventive maintenance on rental properties:
1. Pests
While some folks love creepy crawlers, most don't. The easiest way to lose tenants is a pest problem. Make sure you have pest control scheduled annually. Even more often, if your property is somewhere hot and humid.
2. Change the HVAC Filters Quarterly
HVAC systems collect all the grime in the air all the time. If you fail to replace the filters regularly, you'll be replacing your HVAC system much sooner than later. And that will cost a pretty penny. Make sure your tenants replace your HVAC filters regularly.
3. Trim Tree Branches
Trees are dangerous. Just ask any insurance company. Make sure to check regularly for any precarious branches around your property. Have them removed by a professional tree trimmer. Keep tree branches off your roof and your tenants.
4. Watch for Water Damage and Leaks
Preventive maintenance on rental properties especially involves the battle against water. While we need water to survive, it is the enemy of our dwellings. Its stealthy and relentless approach on the path of least resistance can destroy the profits of even the most promising rental properties.
Check all water sources: faucets, showers, baths, and toilets. Watch and listen for any leaks, and make sure the drains are not clogged. Check the ceilings and walls — especially near windows.
5. Re-caulk and Check Grout
And while you search for water damage, check the caulk and grout. It looks good and keeps water where it belongs. It's a simple fix that will go a long way to make your property last and keep your tenants happy.
6. Inspect the Roof and Clean the Gutters
A damaged roof can turn your rental properties into a money-sink very quickly. Ensuring that the roof's condition is satisfactory and that the shingles are in order is more than a worthy investment. A well-maintained roof will prevent leaks (water again!) and reduce utility costs in the hot and cold months of summer and winter.
And while you're up there, check the gutters! Check that there is no debris blocking the water flow away from the property. Even if it doesn't rain frequently, remove the build-up of dry debris too. Dry residue can become a fire hazard in the future.
7. Power Wash the Sidewalks, Deck, and Siding
Power washing doesn't just make your properties aesthetically pleasing. It's essential for washing away mold, bacteria, fungus, and other decomposers that would make a home in your properties' walls.
The curb appeal benefits alone from just power washing the driveway and sidewalks make it well worth the investment, especially when finding new tenants.
8. Check Smoke Detectors
This one should be obvious. Your rental property can't make money if it burns to ashes. It's also very annoying when smoke detectors run low on battery power and begin to beep. Check your smoke detectors and replace their batteries when you conduct your inspections. Also, keep carbon monoxide detectors in mind when checking the smoke detectors.
9. Clean the Carpets
How bad could not cleaning your carpets be? Very bad. Dirty carpets can cause or worsen existing health conditions. That is due to dust mites, bacteria, and other harmful microbes building up over time. Trapped pollutants also pose health concerns and make rooms smell and feel stuffy. Clean your carpets with professional equipment every 6 to 12 months.
10. Maintain Common Areas
This item is focused more on rental complexes. Ensure the common areas are well maintained. Besides providing a professional and pleasing look, keeping rental property common areas clean will promote the general health and well-being of tenants and encourage them to take better care of their apartments.
Set-up a Schedule for Preventive Maintenance on Rental Properties
Ensure you set a regular schedule with reminders for when to perform all these duties for your properties. Generally, the most frequent recurring tasks occur quarterly, bi-annually, and annually. Although depending on the location and environment of your properties, some duties may be required more or less frequently.
Hire Someone to Do It for You
Managing preventive maintenance on rental properties can be an arduous task. And the difficulty and complexity of managing and keeping track of these maintenance items become exponential with the number of properties you own. Consider hiring a professional cleaning and maintenance service to manage your property's maintenance needs. It will allow you to focus on growing your property roster and business instead of being busy with menial tasks.
Preventive Maintenance for Rental Properties = PROFIT
It will be difficult at first, but once you implement a proper preventive maintenance routine for your properties, you will enjoy greater peace of mind, freedom in your life and business, and much greater profits.
