Property maintenance is a topic that’s very important, and no one really wants to discuss because it involves spending your money. Rental property maintenance costs are no fun, but they’re absolutely necessary. The analogy we use is a rental car. Everyone has rented a car for business or vacation, and the question I ask is: when is the last time you checked the oil on a rental car or looked at the air pressure of the tires or did any kind of maintenance on the car? The answer is always never. No one does that because it’s a rental car. Think about your property that way with tenants. It won’t matter how qualified and nice the tenant is. It’s not their property, and they won’t maintain it the way you would as an owner.
Property Management Burlingame: Preventative Maintenance
Routine maintenance inspections are crucial, and you have to address things as soon as they pop up. Most of the maintenance items that occur are easier and less expensive to deal with right away. Letting them sit will not result in better outcomes. Electrical issues don’t get safer and leaks don’t get cheaper. Avoid using cheap vendors, and work with licensed, qualified professionals who will help you preserve the condition of your asset.
Rental Property Maintenance Expense Reports
Keep track of what you spend on maintenance. While it’s an unpleasant part of property management for owners, maintenance expenses can be tax deductible. This is a business you’re running, and when you spend money on your income-producing property, you can recover some of those costs. You can’t do this with a property you live in. Talk to your CPA and see what kind of tax benefits may be available to you.
Better Maintenance Equals Better Tenants
The nicer the property, the better your tenant base. So to get the highest rent and the best tenants, keep the home well maintained. People who take care of their rental home will attract tenants who are more likely to take care of the home.
There’s a lot more to talk about with property maintenance, so contact us at Five Star Property Management. We can send you our complimentary property maintenance checklist, which is especially useful during your annual inspection.