Triad landlords, take note! Greensboro, NC, topped a nationwide poll looking at the biggest rent increases for one-bedroom apartments! The average rent rose a whopping 74.2%, potentially making your rental investments even more lucrative.
However, if you make the following errors with property maintenance, you may find it hard to find suitable tenants. So let's take a look at five of the most common errors landlords make so you can avoid them.
1. Neglecting Preventative Maintenance
The dollars you spend on preventative maintenance are like money in the bank. Invest them now, and you'll save yourself big time in the future. On the other hand, if you fail to perform preventative maintenance, you'll soon be faced with expensive rental property repairs and disgruntled tenants.
Every year, you should have a property maintenance routine, including the following:
- HVAC maintenance - spring and fall
- Annual roof and gutter inspections/repairs
- Foundation inspections
- Pest control checks
- Tree and shrub pruning
If this sounds like a lot, ask a property management company to handle it. Whether you're nearby or an out-of-state investor, they can handle preventative maintenance to keep your rental in great condition.
2. Not Conducting Regular Inspections
Rental property inspections aren't just about checking whether your tenants are following the rental agreement. They're also about spotting maintenance issues before they become big problems.
Even if you've got great tenants, it's not a good idea to rely on them to report every issue with your home. They may not notice them, may forget, or may not realize how serious they are. If you're inexperienced in home repair, a property management company can conduct inspections and advise you.
3. Not Saving for Property Maintenance
For every rental property, you need to set a property maintenance budget. Set some of the rental income aside for regular repairs and maintenance and save some for rental property renovations. Eventually, you'll have to replace the roof, kitchen, flooring, or bathroom.
It's good to build up some savings, so you don't have to take out extra financing to pay for these necessary renovations.
4. Not Carrying Out Repair Promptly
A tiny leak reported by a tenant can quickly become a major renovation project if you don't attend to it right away. But finding contractors at the last minute can be tricky. That's why it's best to work with property managers that have maintenance crews on standby 24/7.
5. Letting Tenants Carry Out Repairs
This is dangerous. No matter how good they may be at DIY, they are unlikely to have insurance. They may undertake projects that require specialist skills that they just don't have.
It's much better to leave repairs to licensed and insured contractors.
Avoid Errors with Property Maintenance
Rental property repairs and maintenance can be seriously time-consuming. The property managers at Home River Group Triad are here to help you avoid errors with property maintenance. They'll help you keep your tenants happy and protect the value of your investment.
Our dedicated maintenance crews can handle both preventative and emergency maintenance. So give us a call at 855.744.4268 or reach out online to find out how we can help you.
