Taking care of maintenance and repairs on your property is essential to minimizing liability and ensuring you’re getting the best return on your investment. You want your property to increase in value, and the best way to make that happen is by keeping it in excellent condition. When you’re selecting tenants, make sure you choose people who will take care of the home and not cause any unnecessary damage.
Pay attention to preventative maintenance issues. If you let the small things go, you’ll face larger and more expensive problems in the long term. You’ll also cause stress to your tenants, who want things to get fixed right away. If there’s a complaint or a request for repairs, answer it right away and make the necessary arrangements to take care of the problem. Schedule annual inspections for things such as air conditioning and heating systems, and make sure you change the air filters and inspect your plumbing on a regular basis.
Provide your tenants with an emergency phone number in case something goes wrong overnight or during holidays and weekends. You never know when your water heater is going to start leaking or strong winds will knock a tree onto your roof. When your tenants have a 24-hour emergency contact, they will feel more secure with your willingness to respond immediately. You’ll also have the peace of mind as an investor that someone will respond to an emergency at any time.
Property managers have lists of preferred vendors that are reliable, fast and able to provide competitive rates for the work that is done on your home. Make sure you only work with vendors who are licensed and insured. When you have skilled contractors at your disposal, you know the work will get done right the first time. You also won’t have to worry about the liability that comes with having an unlicensed person working at your home. If you don’t already have vendor relationships in place, talk to a property manager and ask for referrals.
Taking care of your home will improve its value and keep your tenants happy. When tenants are happy, they are willing to renew their leases, saving you from turnover and vacancy costs. The Realty Solutions Group is a property management company serving Alexandria and Northern VA. If you have any questions about how to manage maintenance and repair issues on your rental home, please contact us and we’d be happy to tell you more.