Over 44 million American households are renters. There is certainly a wide pool of applicants out there that could become your tenants, as long as you know how to attract them and keep them around.
Renters expect you to keep up with property maintenance in a timely and efficient manner. Are you doing all you can to ensure your investment properties are in good shape?
Use this property maintenance guide to find out.
Understand Basic Maintenance Tasks
You want your tenants to treat your property with respect, but they also expect you to take care of any maintenance issues. Here are some common examples of maintenance requests that frequently come up:
- Water leaks
- Broken garbage disposals
- Clogs and toilet issues
- Electrical problems
- Pests or rodents
- Appliances not working
- HVAC issues
- Broken smoke detectors
Depending on how many tenants you have, investing in property and becoming a landlord at the same time can feel like you're constantly handling repairs and seeing to issues.
Thankfully, a full-service property management company is there to handle all sorts of repairs, replacements, and issues.
Perform Routine Inspections
It's important to perform a detailed inspection after each tenant moves out and before another one moves in. Document the condition of the home room by room. Tenants also must complete a move-in inspection, documenting anything in writing and taking photos.
The tenant turnover process involves inspections, cleaning, painting, and replacing the carpet if necessary.
Mechanical systems should be in working condition. You should check all smoke detectors and perform any necessary repairs before the new resident moves in as well.
Property managers also assist with move-in and move-out inspections, so you never miss any crucial details.
A Tenant Also Has Responsibilities
It's up to a tenant to maintain a certain level of cleanliness and care for their rental. You should put certain rules in the lease agreement or make it clear that a tenant is expected to keep their space clean.
Put simply, renters should take out the trash, clean appliances, and prevent mold growth. Some wear and tear are normal, but repairs for excessive and unreasonable damage might have to come out of a tenant's security deposit. Ensure you understand landlord-tenant law so you know what you can or shouldn't do.
Invest in a Professional Management Company
If you want to maximize your rental real estate, investing in a professional property management company is the way to go. Property managers advertise and market any available units, screen tenants, perform maintenance, collect rent, handle evictions, and much more.
It's one of the best moves you can make as an investor. You'll also receive a rental analysis to learn what a fair rent would be and the current value of your property as well as how to make improvements and earn more.
Use This Property Maintenance Guide
Understanding what tasks fall on your shoulders and performing maintenance is part of a landlord's duties. This property maintenance guide should help you out with your Oklahoma rental real estate.
However, as an investor, relying on a property management company to take care of repairs and upkeep is much more efficient. It benefits you and your tenants, makes you look more professional, results in happier residents, and reduces turnover.
To get a rental analysis and learn more about our services, contact us today at HomeRiver Group Tulsa.