There are over 48 million rental units in the US, which can offer landlords an excellent income source. But rental properties can quickly become a nightmare if you do not manage them correctly.
One of the ways landlords can lose income is through poor property management. Keeping your property in the best condition is essential to attract and retain tenants successfully. Otherwise, you could lose income and even be subject to liability claims.
Read on to learn the top five property maintenance tips to follow.
1. Tenant Selection
As they say, prevention is better than cure. A comprehensive tenant selection process is always included in advice for landlords because of this.
Take the time to find the perfect candidates for your rental properties so you do not have to deal with property maintenance issues at a later date. High turnovers and property damage can be an issue if you let problematic tenants move in. This will add up to costly repairs and age your rental unit before its time.
2. Address Property Maintenance Issues Fast
Do not put off property maintenance issues, as they can quickly worsen and cause extensive property damage. If you have tenants, they could also be at risk of harm if the maintenance issue escalates.
You need to be responsible for ensuring your property meets local and state regulations, such as in Oxford and Lafayette County, Mississippi. Find a reputable company to fulfil repairs for you. Being a responsible landlord also motivates tenants to respect your property and keep their lease agreement.
3. Perfect the Lease
If you do not get the lease right, you could have colossal property maintenance costs and communication issues with tenants. Have a property management company or legal team draw up a lease agreement covering potential conflicts.
You want clear communication as to who is responsible for upholding property maintenance. For example, you may want tenants to deep clean rental properties every so often or keep cleanliness to a certain standard.
4. Regularly Inspect Rental Properties
Do not depend on tenants to report potential property maintenance issues. You also need to check for yourself. When a tenant calls for an issue, stop in occasionally to have a look for yourself or have your vendors keep an eye out when they are visiting the property for a repair. Drive by the property to address seasonal issues, such as roofing and guttering.
5. Use a Property Manager
One of the best pieces of advice for landlords is to use a property management company. It takes the burden away from landlords and helps your rental business thrive.
Property managers will ensure property maintenance is maintained and you have the right tenants in your property. They can manage your rental payments and other vital rental tasks so you can focus on different aspects of your rental business.
The Best Property Management Company
Property maintenance takes a lot of work. A property management company can help manage the burden. They will help you manage property maintenance tasks and market your property you have the best rental experience.
Are you looking for a property management company in Oxford, MS or the Lafayette County region? Look no further than Cissell Management Company. Contact us today to get started.