One of the best ways to ensure that you are receiving the highest rent in order to maximize your investment returns is to tackle deferred maintenance. Deferred maintenance is an investment return killer! Besides building features (square footage, clear height, truck maneuvering, etc.), the next most crucial item in receiving a higher rent is to keep your property in top notch condition. This means staying on top of deferred maintenance before it becomes an issue. In this article, we will discuss the best ways to limit deferred maintenance in an effort to maximize your rental income.
The three best solutions to avoiding deferred maintenance are:
- Creating a check list
- Monthly drive by
- Hire a property manager
The easiest and best way to avoid deferred maintenance is to maintain monthly, quarterly, and annual check lists. Organization is key here. A simple checklist can make all the difference in the world. If applicable, your checklist should have the following items:
- Tree trimming
- Backflow testing
- Quarterly HVAC servicing
- Quarterly and annual fire sprinkler inspections.
- Five year fire sprinkler inspection and testing.
- Roof maintenance and repairs (including skylights).
- Parking lot maintenance, repairs, and replacement.
- Exterior and interior paint.
- Annual roll up loading door and dock equipment servicing and maintenance
Having the above checklist will allow you to stay on top of deferred maintenance before the problems start!
Monthly Drive By
Driving by your property is one of the best ways to spot maintenance or repair problems in their early stages. Most tenants do not report or notice certain items that need to be repaired. Noticing problems in the early stages generally saves landlords money and frustration because they have the luxury of tackling the problem when it is small. When you drive by, you should be looking at the major components (docks, landscape, parking lot, roof, exterior walls, etc.).
Hire a Property Manager
Don’t have the time or don’t want the added stress of managing your investment property? We would suggest hiring a property manager. A good property managers will save you money, time, and add value to your property/portfolio so you can continue receiving the highest rental rate for your property. Property managers will look to minimize your expenses, maximize your rental income, and keep your property in Class A condition.
Want to know more about the services a property management company should be providing their clients? If so, please view our services page here.