Rental maintenance: how to save time and money
The maintenance of rental property can be pricy! Neglecting some maintenance tasks can result in serious consequences. You could be faced with insurance problems, or even be dragged into legal battles. A property manager is the specialist when it comes to taking care of a building in order to avoid such issues. A property in good condition will need fewer repairs and will increase in value!
An up-to-date Maintenance for Potential Savings
If you’ve been a multiplex owner for a while, you know that a great part of annual expenditures come from maintenance costs. In fact, they make up for three quarters of all expenses. If you’re a new owner, or if you’re planning on buying your first rental property, don’t underestimate maintenance costs! Here is a fact that might better illustrate the point: banks recommend that owners plan a yearly maintenance expense of at least $500 per door. This amount can easily be exceeded when major repairs are needed, which they usually are when the last owner – or yourself- has been neglectful.
A property manager company has a whole list of subcontractors for the various tasks related to the maintenance of a building. They’ll be able to find a trustworthy professional to tackle them! They’ll also take care of negotiating the best prices for you!
Along with performing preventive inspections, a property manager will put in place a maintenance and prevention plan. Your building’s spotless state will help avoid major repairs, saving you a ton of money!
Now, enough said about money! All entrepreneurs know that there is another essential resource that you can’t waste if you want to succeed: time.
Entrust the maintenance of your investment in a property manager and save time!
Winter is coming. Your to-do list keeps getting longer and longer: you’re running out of time! You need to:
- Negotiate contracts with subcontractors (like snow-removing companies)
- Inspect and improve some of your building’s components to eliminate water infiltration risks (don’t forget to take a look at the Société d’habitation Québec’s preventive maintenance calendar)
- Protect shrubs
- Shelter entrances
Tenants will soon be circulating with dirty, snowy boots. A carpet should be installed! You’ll have to make sure stairs and floors are cleared and dried to prevent injuries.
What about outdoor safety? Stairs are frozen and sidewalks covered in snow. Don’t forget to generously sprinkle salt or sand.
All the while, regular maintenance continues. There will always be a water heater to change, an entire unit to renovate or any other normal ware to take care of! We know that you’re not doing it all yourself, but you still must manage it all! Owning a rental property is pretty much a full-time job!
If you could delegate those tasks, what would you do with all that precious time? You’d have time to go bargain-hunting for properties to expand your estate business! Or, you could finally have some free time!
If you want the peace of mind that comes with owning a safe and well-maintained multiplex, or if you simply want time for other things, you should seriously consider entrusting your building in a property management company!
Keep in mind that a well-maintained building will be more appealing to tenants and will maintain a better market-value.