Real estate is a lucrative business, but property maintenance is a full-time job. There is a lot to learn, and any misstep could mean thousands of dollars in losses.
The good news is that avoiding the big mistakes is the best way to ensure your tenants are happy and that your business is successful.
Identifying potential pitfalls is the first step to having a successful real estate venture. Keep reading to find out more about three common property maintenance mistakes and how to avoid them.
1. Overlooking Minor Issues
Property maintenance is a big investment. Like other business ventures, people want to cut as many corners as possible. You may think that ignoring leaky faucets, running toilets, and flickering lights is smart, but these are issues that could come back to haunt you.
In most cases, minor problems will not go away on their own and could be a sign of a bigger issue. Also, doing maintenance can save you money down the road. Paying for minor repairs now is much cheaper than having to call an emergency plumber or electrician when things worsen.
2. Avoiding Appliance Upgrades
Even if you are someone who runs appliances into the ground in your own home, this may not translate to savvy business practices with your rental properties. Sure, appliances are expensive, but so is repairing them. If an old dishwasher or clothes dryer is needing routine servicing, it may be time to pull the trigger on a new one.
This has the added benefit of decreasing utility bills. Newer models will be significantly more energy-efficient than old ones.
3. Doing Renovations That Are Beyond Your Expertise
If you own real estate, you probably are a pretty handy DIYer. A great way of increasing your bottom line is to forego paying for labor and markups on materials and getting the job done yourself. The important thing is to be able to recognize which projects are within your wheelhouse and which ones are beyond the scope of your expertise.
Changing out a faucet or light fixture is one thing. Major electrical or HVAC repair is another. Leave the latter up to a trained technician.
This applies to demolition as well. You may be handy with drywall, but a professional will be able to identify load-bearing walls and make recommendations on their experience. Not only will you know the job is done right, but professional work can also increase the value of your property.
Get More Property Maintenance Tips
Now that you know some of the major property maintenance mistakes and how to avoid them, you can have the peace of mind that your business is running as efficiently as possible. A reputable management company can further advise you on how to better run your real estate investment.
HomeRiver Group Tulsa is one of the nation’s leading providers of professional property maintenance advice and services. We can help you maximize profit by finding qualified tenants and protecting your investments. Reach out to us today to learn more about our services or to schedule a consultation.