Do not be fooled by the stories of successful rental investors owning multiple properties while they travel the world. They make it seem like they have discovered an endless money-making investment. However, a lot of work goes into owning and managing a portfolio of rental properties.
One of the most important aspects is property maintenance. To ensure a rental property stays profitable, you need to maintain it. This guide will walk you through creating a maintenance plan for your rental property.
Property Inspections
If you have tenants in your rental, you must perform regular property inspections. That way, you have an opportunity to check the condition of the house. Make note of potential issues and areas that require repair or maintenance.
Your inspection should include checks of the smoke detectors, roof condition, and circuit breakers. Look for signs of water damage or leaks. Look at the outside of the house to monitor the condition of the paint and seals.
Seasonal Maintenance
Create two lists of seasonal maintenance tasks that you will follow. That way, you perform the basics of preventative maintenance one to two times per year.
You will follow one list during the springtime. That way, the home is ready for the impending summer. Have the HVAC system checked by a professional. They could change the air filters, test the thermostat, and check for refrigerant leaks.
During the fall months, you will have a separate checklist of maintenance procedures to prepare the home for winter. Hire services to clear the gutters and clean up the landscaping.
You should also take the precaution of insulating the exposed exterior pipes. Illinois has a history of experiencing arctic cold temperatures. Insulating the pipes protects them from bursting, which would be an unnecessary emergency.
Property Upgrades
To keep your rental competitive, you must have a long-term upgrade plan. This includes replacing flooring, painting, and light fixture upgrades.
You also need to plan for the eventual replacement of the large appliances. Having a replacement plan prevents you from being forced to replace them all at the same time.
Tenant Maintenance Requests
You also need to expect to receive tenant complaints. Tenants will have repair and maintenance requests that Illinois law will require you to address.
Have a Tenant Portal
Maintaining a tenant portal for your rental property will make managing your tenant maintenance requests easier. Tenants can log into the portal and submit a maintenance request. You can then log in as the landlord and manage the status of all maintenance requests in one place.
Emergencies
Have a plan for how you will handle maintenance emergencies. This could include having a clear communication method for your tenant. It should also include having established relationships with contractors that can respond quickly.
Have a Property Maintenance Plan
Having a property maintenance plan in place will protect your rental investment. It needs a multi-layer approach that addresses routine, long-term, and emergency maintenance needs.
If this sounds like a lot, working with a property manager is another option. At PMI West Suburban, we manage property maintenance needs for our rental property owner clients.
Feel confident that your property is well maintained by contacting our experienced team of property managers.
