48 (Borey Chey Ou Dom) st.369, Sangkat Prek Prar, Khan Mean Chey, Phnom Penh.
199 (Borey Piphub Tmey) st.25, Sangkat Steng Mean Chey, Khan Mean Chey, Phnom Penh.
Five Tips to Efficiently Manage Your Rental Property Maintenance Needs
Efficient management of property maintenance is key if you want to successfully rent out properties.
A well maintained and attractive property will attract interest from potential buyers and renters.
Good maintenance is something you always want to stay on top of. Not only will it mean getting more out of your properties, but it could improve your relationships with your tenants.
Read on to learn about our top five tips for property maintenance that could help with your property management and organization.
When it comes to maintenance, the more organized you are the better. Creating a maintenance schedule for preventative purposes will help you gain some piece of mind.
Monthly to weekly inspections are a good way of doing this. There’s no question that parts of your property will need more care and maintenance than others.
In fact, some aspects, if not well maintained, can cause a drastic decrease in your property value.
Here are just a few:
Regular renovations and upkeep of your property will prevent it showing signs of age.
Landscaping eyesores such as big inconspicuous satellites, air conditioning systems, sheds and garbage cans can really turn people off your property.
Watch out for sinkholes too. Not only can these be dangerous, they’re also very expensive to deal with the longer you leave them.
Whether you decide to implement a maintenance schedule or not, keep your tenants in the loop. One of the easiest ways to fall out with tenants is encroaching on their privacy, and lack of communication.
If you just wander unannounced into a property you’re renting to do your maintenance checks without letting your tenants know beforehand, you’re not likely to be very popular.
Very simply, give your tenants a heads up before you go ahead with anything.
Encourage communication on their end, too. If your tenants have noticed something you haven’t, the best thing they can do is let you know sooner rather than later.
A good system of communication with your tenants will facilitate your property maintenance plans by saving you both a lot of time, money, and hassle.
More than aesthetic maintenance, checking smoke and carbon monoxide detectors is crucial.
Without regular checks, neglecting these can cause serious harm to your tenants, as well as damage your property.
Without keeping on top of these, you could end up in court.
Bump these up as high priority maintenance duties.
Property maintenance cuts excessive spending in the long run. However, it’s much better to keep clear and accurate records of your maintenance costs.
This includes keeping receipts.
You can do this by using spreadsheets, DropBox, or even Google Drive. This way, you can save yourself money when it comes to sorting out taxes.
It may be that some of your expenses are deductible on your tax return. The bottom line is that this could improve the profit you make on your properties, so keep accurate records.
Obviously don’t be stingy, but set limits to cap spending when it comes to maintenance costs.
This will make it easier to decide whether it’s more financially viable to repair or replace.
In some cases, it’s cheaper to simply replace than it is to repair. However, you need to consider the lifespan of whatever it is that needs fixing.
A repair that takes too long can sour your relationship with your tenants, so consider the implications either way.
Whatever you do, stick to your budget. If this means cutting down on less urgent maintenance jobs here or there, then do so.
However, if you plan your maintenance schedule around your budget at the beginning of the year, you can factor everything in hassle-free.
Hopefully, these tips will help you approach your real estate maintenance with a more positive attitude.
If you keep your property in tip-top condition, you will be able to profit from your maintenance investments later down the line.
Do you have any tips of your own when it comes to maintaining your property? If you do, feel free to share them in the comments below!