Property manager's guide to preventative maintenance for long-term property value and profitabil
Attracting tenants to an apartment is easier when the property’s exterior is appealing with well-lit entryways and walkways, nicely manicured green spaces, and well-maintained common areas. Potential tenants gauge the building’s exterior as an indicator of quality and may strike an apartment from consideration if the exterior appears neglected.
Rental property maintenance is often critical to the building’s value and the owner’s profit potential.
Experienced property managers know the importance of addressing and repairing even the smallest issues immediately before they become big problems. With the right maintenance team and appropriate care and attention, an apartment building will perpetually retain the level of visual appeal that helps ensure a consistently high occupancy rate. For the property’s owner, that translates to a competitive edge and steady income.
But long -term property maintenance involves much more than keeping on top of problems as they occur. In order to protect and sustain your rental property for the long term, a proactive approach using preventative maintenance strategies is necessary to avert the costs associated with damage control.
What is preventive maintenance and what strategies should be applied to make sure your rental property remains in top shape? Keep reading for some easy-to-follow guidelines for implementing preventative maintenance strategies at your property.
Preventative maintenance should be a routine habit of every property management and maintenance team. Most property owners and managers know they should be performing preventative maintenance, but many struggle with determining the right strategy to make the process efficient.
Project managers are continuously busy, from managing marketing to handling new tenant leases as well as move-outs, collecting rents and handling a retinue of responsibilities, often preventative maintenance tasks are overlooked.
But routine preventative maintenance is essential to tenant safety first and foremost, as well as protecting the property owner’s investment,
Develop an inspection plan
Structure and organization are key to efficient and effective preventative property maintenance. Create a comprehensive inspection plan starting with an all-inclusive checklist of property elements that need regular monitoring. You will use this checklist to move through during regular and consistent inspections.
In addition to the obvious items on your checklist, such as plumbing, lighting in common areas and hallways, walkways, stairs, elevator operation, HVAC, etc., you’ll want to add your property’s trees--less obvious (but no less important).
Photograph the property and update the photos as landscapes change for your records.
Schedule routine maintenance
The importance of a structured plan for long-term maintenance cannot be overstated. There is no shortage of tools, programs, and apps available to help property managers develop a maintenance schedule.
Maintenance tracking software is also available to help property managers keep up with all their responsibilities. Take advantage of the many resources available to help you meet deadlines and manage your tenant responsibilities.
Keep the building’s exterior appealing
Your property’s appearance makes that critical first impression. When potential tenants tour your property, you want them to leave with a positive opinion of your building, and a place they in which they envision themselves living. Regular maintenance makes this happen.
The success of your rental property depends upon the quality of its upkeep. Sustain profitability requires focusing on long-term maintenance. Despite dealing with many smaller issues on a day-to-day basis, preventative maintenance is the strategy that preempts future problems before they occur. Putting the strategy in place begins with structure.
After creating an inspection plan and checklist and developing a schedule, you will gain confidence in your ability to meet any challenge. As long as you follow your checklist, set reminders, and pay special attention to landscaping, you’ll find maintenance to be simple and straightforward.
Take the initiative, remain proactive, and. start organizing your inspection plan today!
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the RentVest Property management website.