Individuals own around 41% of all rental properties in the U.S., while large companies own the rest.
Large companies tend to hire property management firms to manage their units. However, individuals manage their properties themselves in most cases.
The downside to managing your properties is the potential for mistakes. For example, do you make the common property maintenance mistakes many landlords make?
You might only realize you're making these mistakes once you learn them. So, keep reading this guide to understand these mistakes and how to avoid them.
Failing to Perform Inspections
One vital part of managing rental properties is performing regular property maintenance inspections. Effective procedures include performing these:
- Each time a tenant vacates a unit
- After damage occurs
Performing routine inspections helps you know what the units need. You can use a checklist for these inspections or hire a property management firm to conduct them.
Proper maintenance leads to higher-quality units. As a result, you'll attract higher-quality tenants. You must perform these inspections to avoid attracting bad tenants.
Skipping Routine Maintenance
Performing inspections helps you determine what work the units need. However, your properties also need routine maintenance weekly, monthly, or quarterly.
Many property owners skip routine maintenance because it takes time. It also costs money. But skipping maintenance is a mistake to avoid.
Hiring property maintenance services is an option if you don't have time to handle these tasks. These services include:
- Changing light bulbs
- Cleaning gutters
- Updating the units
- Servicing HVAC systems
Skipping routine maintenance leads to higher repair costs. It also leads to run-down rental units.
Fixing the Problems Yourself
Due to property maintenance costs, many landlords handle the repairs themselves. They use DIY techniques instead of hiring professionals.
You should avoid this unless you're an expert in a trade. Professionals always handle maintenance properly.
While this might cost more, your property values increase with these steps. High-quality maintenance leads to:
- Nicer units
- Fewer repairs
- Better tenants
Transferring your property maintenance responsibilities guarantees the work gets done correctly.
Procrastinating With Repairs or Maintenance
You might not skip the maintenance tasks completely. But do you procrastinate?
For example, you might notice the gutters failing to drain water properly. You can avoid problems by cleaning them right away. However, procrastinating could lead to water damage.
Repairing property damage immediately is necessary to avoid major problems. The best way to ensure that you address all the tasks promptly is by hiring a company to do the maintenance for you.
Avoid These Common Property Maintenance Mistakes
The first step to avoiding common property maintenance mistakes is learning them. Now that you understand the top mistakes, you can avoid them. But, of course, the best way to prevent them is by hiring a property manager.
Contact us in Las Vegas to learn about our property management services.
We can help you avoid the common maintenance mistakes landlords make. We can also help you take the right steps to build your rental property business.