Rich investors today still insist that investing in real estate is the best possible move for someone trying to build wealth. If you're looking to get into real estate investing this year, there's plenty of space to grow.
Of course, there are many challenges to overcome as well. Running a rental real estate property isn't always a walk in the park, and there's a lot to get familiar with in order to do it successfully. A stellar property maintenance routine is part of this.
What are some of the major mistakes in rental property maintenance? What should you be aware of if you're going to take on this task? Read on and we'll walk you through the basics.
1. Neglecting Regular Maintenance Tasks
One of the most common mistakes landlords make is neglecting regular maintenance tasks.
Regular maintenance tasks such as cleaning gutters, replacing air filters, and checking for leaks are essential to keep your property in good condition. Neglecting these tasks can lead to costly repairs down the line and even damage to your property.
To avoid this mistake, create a maintenance schedule and stick to it. Set reminders for regular maintenance tasks, and don't procrastinate when it comes to repairs.
It's best to address maintenance issues early before they turn into costly repairs. Make regular property inspections a part of your routine.
2. Hiring Inexperienced Contractors
Another mistake landlords make is hiring inexperienced contractors for maintenance and repairs.
Inexperienced contractors may offer cheaper rates, but they may not have the expertise and knowledge to complete the job properly. This can lead to shoddy workmanship and even more expensive repairs down the line.
To avoid this mistake, do your research and hire experienced contractors with good references.
Ask for referrals from other landlords or property management companies in your area. Look for contractors who specialize in the type of work you need to be done, and make sure they have the necessary licenses and insurance.
3. Failing to Address Tenant Complaints
Ignoring tenant complaints is another common mistake landlords make. Tenant complaints should be taken seriously and addressed promptly. Failure to do so can lead to unhappy tenants, turnover, and even legal issues.
To avoid this mistake, create a system for tenants to submit maintenance requests and respond to them promptly.
Make sure your tenants know how to contact you in case of an emergency. Addressing tenant complaints promptly can help build a good relationship with your tenants and keep them satisfied.
That can keep them renting, and can keep your relationship strong.
Common Mistakes in Rental Property Maintenance
Running a rental property (or several!) can be enjoyable and highly lucrative, but it comes with a learning curve as well. The above are some of the more common mistakes you'll want to avoid as you get started with your own real estate investments.
These mistakes in rental property maintenance can harm your relationship with your tenants - and even cost you more money in the long run. They are to be avoided at all costs.
Need more help or advice on managing your property? Give us a call anytime for help.
