A well-kept property doesn’t just keep its value; it helps you attract and retain quality tenants, safeguarding your business and your rental income. However, maintaining the appeal and functionality of your property is an ongoing task that requires a combination of proactive and reactive measures.
Whether you’re a seasoned landlord or just starting in the rental market, this guide will give you the tips you need to keep your rental property in great shape. We’ll delve into best practices, ranging from regular maintenance check-ins and prompt repairs to tenant screenings and more.
Conduct Regular Inspections
It’s no secret that conducting property inspections can give you a leg up on issues that need attention before they get out of control. Maybe a tenant isn’t respecting your property or purposefully disregarding your lease agreement. Whatever the case may be, conducting consistent and scheduled inspections is key.
Conducting these inspections yearly is advisable. However, it’s your legal responsibility to give your tenants a heads-up before barging in, and that notice period changes depending on your location.
Schedule Routine Maintenance
Just like conducting regular inspections, performing routine maintenance can help you stay ahead of any wear and tear before it turns into a costly repair. This involves regular upkeep activities to preserve the condition and functionality of your property, including landscaping, gutter cleaning, HVAC servicing, and periodic checks on electrical systems.
However, the frequency of these activities depends on the specific needs of your property. For instance, a property with a garden might require more frequent landscaping services. On the other hand, if your property is in an area prone to rain and floods, you’ll need to watch for water and structural damage.
Promptly Address Damages
As a property owner, you have a lot of responsibilities. Understandably, tasks can pile up and issues go unaddressed. However, swiftly responding to maintenance issues needs to be your priority. The longer a maintenance issue goes unaddressed, the more money leaves your pocket, especially if your tenant leaves because they can no longer handle their living conditions.
Whether a leaky faucet, broken window, or faulty electrical outlet, damages require timely attention to minimize inconvenience to the tenant and prevent minor issues from exacerbating into costly repairs or legal disputes. Always provide an accessible channel for tenants to report damages, and maintain a network of trusted service providers to perform the repairs.
Maintain the Exterior
The outer appearance of your rental property is the first impression prospective tenants get. Therefore, maintaining the exterior of your property is just as important as taking care of the interior. Regularly scheduled tasks such as lawn care, power washing, roof checks, and gutter cleaning can significantly enhance your property’s curb appeal.
However, it’s not just maintenance checks and upkeep that you need to keep in mind. The aesthetics of your property also matter. Giving it a fresh coat of paint, upgrading the pavers, or adding outdoor lighting keeps your property looking its best, attracting tenants and making current residents want to stick around. Keeping your property aesthetically pleasing and structurally sound from the outside increases its market value and sets a high standard of living for your tenants, encouraging them to do the same.
Consider Upgrading Appliances
Upgrading appliances in your rental property can be costly, but it’s also a strategic move that can increase the value and functionality of your property. Modern, energy-efficient appliances provide superior performance and offer increased convenience and cost savings to your tenants. These upgrades could include replacing old washing machines, refrigerators, and heating systems or installing smart home devices.
While the initial investment might be substantial, the long-term benefits include increased property value, higher rental yield, and potentially longer tenancies as tenants appreciate the enhanced living experience. Additionally, upgraded appliances often come with extended warranties, reducing your maintenance costs and offering peace of mind.
Establish Clear Lines of Communication
Good communication is critical for any business and can facilitate the timely reporting of minor issues before they escalate. Establish good communication through regular check-ins or by having an open, accessible channel where tenants can report any maintenance needs. Just be sure to outline your preferred methods of communication and your available hours.
This approach also promotes positive landlord-tenant relationships, leading to better care and respect for the property on the tenant’s part. Furthermore, clear communication can help set expectations from the start regarding the tenant’s roles and responsibilities in maintaining the property.
Invest in Comprehensive Insurance
Investing in comprehensive insurance is a powerful safeguard that can protect your rental property from unforeseen damages or legal disputes. An insurance policy specifically designed for rental properties typically covers property damage, loss of rental income, liability insurance, and more.
Thoroughly research and understand what your policy covers—and what it doesn’t—so you’re adequately prepared for any eventualities. Dedicating time to finding the right insurance policy for your rental property can result in significant savings and peace of mind in the long run. While insurance may seem like an extra expense, it’s an essential investment that can save you from costly out-of-pocket repairs or potential legal liabilities.
Have and Enforce a Clear, Thorough Lease Agreement
A clear and thorough lease agreement is the cornerstone of successful property management, outlining the rights and responsibilities of both parties and serving as a legal safeguard for your property. Ensure the agreement details important aspects such as the duration of the lease, monthly rental amount, property rules, maintenance responsibilities, and procedures for handling repairs or damages. You should also make it a priority to highlight any specific conditions or restrictions related to your property, such as pet policies or smoking rules.
Once the lease agreement is in place, consistent enforcement is key. This means addressing any breaches promptly and fairly and demonstrating your commitment to upholding the lease terms. By doing so, you establish a firm foundation for your landlord-tenant relationship, promoting respect and care for your property and reducing the likelihood of disputes or misunderstandings.
Hire a Property Manager
A professional property manager can be an invaluable asset in keeping your rental property in great shape. Property managers bring expertise, experience, and dedicated attention to the daily tasks of property maintenance, tenant relations, and regulatory compliance. By staying on top of routine maintenance, swiftly addressing repair issues, and communicating with tenants, a property manager can alleviate your workload, particularly if you have multiple properties or live remotely.
Property managers are also well-versed in local regulations and industry best practices, ensuring your property operations are in line with legal standards. While hiring a property manager involves an additional cost, the benefits—including the potential for higher occupancy rates, longer tenant retention, and preservation of your property’s value—make it worthwhile.
If you’re ready to reap the benefits having a property manager can provide you and your property, contact Excalibur Homes today. We offer an extensive range of leasing property management services and can help you safeguard the success of your rental property.
