We talk on and on about how you can own a real estate investment property or how to invest in real estate, yet what people often forget is the importance of taking care of their real estate property. Like anything else in life, your real estate investment property needs special attention and meticulous care to be successful and stay successful. So how can real estate investors maintain their real estate investment property? What is required to maintain consistent occupancy in their rental properties? Let us find out.
Owning a real estate investment property can be very beneficial and can become a main source for your income. It provides for many people great cash flow, leaving them with extra money, even after all the bills have been paid. Those who own real estate investment properties have the privilege of controlling their success or their failure. They get to control the situation and their financial future. Part of increasing your success and benefits from your real estate investment property is learning how to maintain it. There are many advantages to keeping your property neat and clean. A well maintained property maintains value and attracts better quality tenants, which benefits both sides.
Tips and guidelines on how to maintain real estate investment property:
1. Inspect both the exterior and interior of your rental property
Having your rental property well-kept and free from any damages will increase your profit and allow you to hold on to good tenants. Unforeseen costs like repairs and replacements are inevitable when managing a rental property and you shouldn’t put them off. Here is a list of things to look for when inspecting your rental property.
- Roof: check to see if there are missing shingles, damaged flashing or mold and moss. All of these can cause costly damages in the future. Also check to see if there are any tree limbs that extend onto your roof and cut them off. You want to avoid having any of these since it can be a real turnoff for many tenants.
- Windows: check to see if all your windows are sealed properly with no gaps and if there are gaps, seal them. This will save you save you in the future from moisture damage and heat lost.
- Exterior painting: make sure that the exterior of your rental property is always painted in order to protect it from moisture and sun damage. Nobody wants to live in a house that looks bad on the outside.
- Landscape: check for broken tree branches or trees with fungus. Anything that might bring harm to your tenants, be sure to fix it. Also make sure the grass is healthy and always mow it so that any new tenants passing by could see that your property is well-maintained.
- Water heater: make sure to drain and regularly remove any dirt from the water heaters. If you live in an area with a lot of sediment in the water, you might consider making this a monthly task.
- Smoke detectors: this is definitely a must. Always check that your smoke detectors have new batteries and function properly. Living in a house with smoke detectors that don’t work can be very dangerous.
- Heating and cooling: you should always inspect the heating and cooling system. Check the filters and make sure there aren’t any plants growing around them. This can restrict the air flow and may ruin the system in the future.
- Paint: check for any paint chippings or mold that might be on the walls and always re-paint your walls for a clean and fresh interior.
2. Keep your tenants happy
One of the other ways you can maintain your real estate investment property is not by fixing damages in your property, but also keeping your tenants satisfied. Just a simple check up to see how things are going or asking if they need anything will do the trick. Showing them that you are always there to help and that their satisfaction is your priority will really make a difference. This will help with your reputation for future tenants and will attract many people to your rental properties. Respond to their repair requests. One of the main reasons tenants move out is because they are not happy, so make sure to keep your tenants pleased.
3. Hire a property manager
Taking care of your rental property can become an overwhelming task. It takes a lot from your time and needs regular checkups. For those who feel it’s too much of an overload, they can hire a property manager that will maintain their real estate investment property. It is a big decision since these services are costly, but think about all the time you will save. A property manager can do everything you want from interior to exterior all the way to handling the monthly rent.
4. Follow the landlord tenant law
Following the landlord-tenant law will help you in maintaining your real estate investment property and help you in managing it correctly. It will provide a structure for both you and the tenant so as to not make many mistakes and keep your rental property in good condition. One of the obligations under the landlord law is maintenance so following this law correctly will benefit you a lot.
5. Renovate and improve
Tenants are always searching for new and developed rentals. As an owner, you should always think of ways to renovate and improve your real estate investment property. For examples, adding a new style of exterior design, like upgrading the yard or adding a garden, or modernizing the interior by adding frameless glass walls. Do some research on new interior designs that are affordable. These new and improved changes will definitely attract tenants from all over.
The bottom line
Tenants have the right to enjoy a safe and habitable living environment and it’s the homeowner’s responsibility to take care of and maintain the property. A well-kept property will help increase your success and cash flow. Always find ways to solve rental property issues before the issues get bigger.
Search Mashvisor to find a real estate investment property and use the investment property calculator to calculate returns when adding these maintenance costs.