If you're looking to build true wealth, the additional income stream that a rental property can provide will be invaluable. Financial experts across the country agree that real estate is one of the best and most lucrative investment forms out there - but that doesn't mean it's easy.
Operating one or more rental properties can feel like a second full-time job, which lots of daily maintenance required to keep these properties running well. If you're looking to enjoy income from these properties over the long term, you'll need to get familiar with how best to care for them.
What are the major practices you'll want to incorporate into your routine? Read on and we'll walk you through what you need to know.
1. Respond Quickly to Maintenance Requests
Taking care of maintenance requests isn't just about tenant satisfaction - it's also about caring for the overall well-being of your property.
Many maintenance issues can be relatively easy and quick to fix if you get to them quickly. However, these same issues can become complicated and needlessly expensive if you let them go for too long.
Emergency repairs and serious requests don't always operate on a 9-to-5 schedule. You'll need to be always ready to hop into action should a serious or even semi-serious issue arise.
Having a plan in place for how best to respond quickly to unforeseen problems such as these will be an important part of your overall maintenance plan.
2. Perform Regular Inspections
Of course, a proper maintenance routine would also include working to prevent problems before they even occur. A smart property manager will schedule inspections and maintenance assessments as frequently as is realistic for their properties.
At the very least, this will be at the beginning and end of a lease term, however, a more regular schedule can help prevent issues from arising.
These inspections should take into account the current condition of the property, the property's assets and appliances, and so forth.
You should go through these inspections with a thorough checklist to work through. This way nothing is overlooked.
3. Be An Organized Bookkeeper
It's essential that you are organized when it comes to costs associated with your property maintenance.
The costs you incur when taking care of your property will be important as you analyze your investment, do your taxes, and keep track of payments to various vendors.
The last thing you'll want is to end up in a bad situation because you weren't organized when it came to the paperwork side of the work.
Best Daily Maintenance Practices for Property Management
Operating a few rental properties can be amazing for your portfolio, but difficult for your daily routine. Not taking proper care of your properties can threaten your investment's value, so it's essential to integrate the daily maintenance practices above into your routine.
If you're worried about being able to manage all of this yourself, why not look into some additional help? We'd love to chat with you about full-service property management in Dallas or the Fort Worth area. Give us a call anytime.