Here’s one of the best real estate investing tips: Don’t fall victim to deferred maintenance on your investment properties. Here is why…
In these hard economic times, it may seem like its okay to have deferred maintenance on your investment properties. In the short run, maybe, in the long run, it’s not. Maintaining properties can be expensive and inconvenient. Your tenants have to make time to let someone in. Jobs small and large are just a royal pain to get done: painting, upkeep on heating and cooling systems, doing maintenance on the grounds, but the small problems deferred today can become big problems later.
A small cost now will become a huge cost later. At the least your property will start to look run down. A good tenant won’t stay for long in a run down property and getting another good one to replace them is not always easy. The amount of rent you can ask for will be lower. If you didn’t notice, lower rents mean lower income. Besides that, who wants to get that annoying middle of the night phone call from your tenant? Just do the maintenance now and avoid all that.
So here’s another great real estate investing tip: Be proactive – maintain the property and its systems! Keep that expensive service call from happening.
- Change furnace filters as a regular maintenance job on a schedule.
- Have chimneys cleaned on a yearly basis. That alone is a safety issue, so keep your tenants safe as well.
- Paint or maintain the outside of the home.
- Keep shutters in good shape, as well as window screens, walkways safe and driveways evenly paved or graded.
- Be responsive when your tenants contact you about something little, before it gets big!
Your current tenants, the ones who pay on time, will appreciate that you care enough for their safety and keeping them happy. Deferred maintenance means deferred income!
As a real estate investor you have an obligation to your tenant and to yourself to stop using deferred maintenance. Do maintenance jobs while they are small, save yourself some money and aggravation in the long run. Sure it may cost something now, but your tenants and your bank account will thank you for it later.
If you want to turn over the task of managing your deferred maintenance issues, give us a call today! Denver Realty & Rentals, serving the Denver and Ft. Collins metro areas 303-452-5853