Across Oklahoma, rents have risen by 20.8% this year compared to last. This could be great news for landlords. But to appeal to the widest audience and achieve great rent, it's vital that your property is in excellent condition.
To that end, there are some errors in property maintenance you need to avoid. Let's look at five common mistakes landlords make and how you can avoid them.
1. Foregoing Preventative Maintenance
It's sometimes said that a dollar spent on preventative maintenance can save you five dollars in repairs. Every landlord needs to have a property maintenance routine. This should include regular services for the electrical, plumbing, and HVAC systems at the very least.
It's also a good idea to schedule:
- Roof inspections
- Foundation inspections
- Pest control
- Tree maintenance
A home warranty may give you peace of mind if your rental includes appliances. You can also entrust regular maintenance to a property management company. Their experienced crews can take care of these tasks consistently and spot problems before they become serious.
2. Putting Off Rental Property Repairs
When you know about a problem, sort it out immediately. For example, if a tenant complains the toilet is leaking, that may be a small problem to fix. Leave it for a while, and you might have to repair the floorboards and walls. If you own an apartment, you also risk damage to neighboring properties.
It's a false economy to put off rental property repairs. You need a maintenance team you can call at a moment's notice to get these problems sorted out quickly.
3. Not Setting a Property Maintenance Budget
It's tempting to see the money that comes in from your rental as passive income. But the truth is that you need to save every month to ensure that you have funds on hand to reinvest in the property. It's a good idea to have a property maintenance budget that's divided into two separate parts.
First, budget for regular maintenance. We're talking HVAC servicing, roof inspections, pest control, plus a contingency for minor repairs. Second, set aside money for major projects.
In time, you'll need to carry out rental property renovations, such as a new roof, kitchen, or bathroom. It's much better to save regularly than get hit with a huge bill down the line.
4. Not Performing Rental Property Inspections
It's a good idea to schedule regular maintenance inspections of your property. Wear and tear are normal in any home, no matter how good your tenants are. Regular inspections help you to identify problems and fix them.
They can also build goodwill with your tenants and protect your investment.
5. Trying to Go It Alone
Many landlords are juggling a full-time job and maintaining their own homes, as well as looking after a rental. Trying to carry out the repairs yourself may seem like a money saver. But it could backfire.
It makes sense to leave rental property repairs to the professionals. Property managers work with dedicated maintenance crews. They're on call day and night to promptly fix rental property problems.
Avoid Errors in Property Maintenance
These errors in property maintenance are easy to avoid when you work with Home River Group Oklahoma City. Our experienced local property managers can take care of all aspects of property maintenance.
Contact us today to learn more about how we can help you.