Nothing hurts more than maintenance expenses you weren’t prepared for at your Colorado Springs rental property. And when they come in waves, it can easily feel like all of your money goes towards maintaining your rental property. So how do you get back on track? While you can’t avoid maintenance costs, there are ways to help alleviate the pressure when they do pop up.
The biggest mistake landlords make is not budgeting for maintenance expenses. Set aside a portion of your monthly income into a maintenance fund to help cover any emergencies or repairs that can and will pop up in the future. Ideally, you want to save up a total equal to at least 1 or 2 month’s rent per year for your fund. Being prepared means less stress when problems do arise. Setting aside a maintenance fund can also save you money by keeping those costs off of an interest-accruing credit card.
#2: Prevention is Key
In addition to setting aside an emergency fund, completing preventative maintenance items in your rental is essential. Preventative maintenance, seasonal servicing, and routine inspections help keep your systems running longer and better, and can help you get ahead of any issues before they spiral out of hand. Being proactive can save you more in the long run.
#3: Respond Promptly
When your tenant reports an issue, jump on it quickly. This means answering the phone whenever they call. Responding to maintenance issues quickly not only keeps your tenants happy, but can help you get ahead of the problem before it gets worse. Water leaks are a prime example. The longer you wait to address it, the greater the damage.
#4: Plan Your Repairs
While you can’t schedule emergencies, you can create a plan for completing specific repairs and renovations. When your tenants give their notice to vacate, make a list of items that need to be completed before you put up the “For Rent” sign. If you’re planning on doing any major renovations or upgrades, the time between tenants is best. And make sure to complete all small items before your new tenants move in, including replacing light bulbs, cleaning, replacing furnace filters, etc.
Maintenance will always be a part of property management, but it doesn’t have to be a headache. Being prepared is the first step to getting your maintenance back on track. The second is hiring a Real Property Management Colorado to manage your property for you!