As one of the over 10 million landlords in the United States, you’re certainly enjoying the benefits of owning a rental property. From the steady rental income you earn to property value appreciation, there are many benefits of being a landlord.
However, there’s a lot that goes into making a rental property profitable. One of those things is to ensure the property is well-maintained throughout the year. Yet, this is one of the most challenging responsibilities for you as a landlord.
The good news? You can hire a property management service provider to take over the task, at a fee. But how do you know it’s time to hire this provider?
Continue reading for key signs it’s high time you hired a property maintenance specialist.
1. You’ve Developing Multiple Rental Properties
The vast majority of landlords have just one rental property. If you’re in this group, you’re probably having an easier time keeping an eye on your unit. Unless you’re busy with other responsibilities, you can manage the maintenance affairs of your investment.
However, if you’ve got multiple rental properties, or additional ones are currently in development, you might be having too much on your plate. Managing an upcoming development is already challenging enough, so you might forget about the needs of the property that already has tenants.
The result is you might miss maintenance and repair requests from your tenants. If you’re in this situation, you’ll be better off with a property maintenance service provider. At least you won’t have to worry about your property’s condition as you take on other responsibilities.
2. You’ve Properties in Various Locations
Having multiple rental properties doesn’t automatically mean you need to hire a property maintenance specialist. If they’re all in the same location, it’s easy to conduct a routine inspection, meaning you’ll catch areas that need maintenance and repairs.
But if your properties are spread across the state or even the country, your job becomes harder. If you’re hellbent on not hiring a property maintenance provider, you’ve to schedule visits to each property and be ready to respond to calls from your tenants. This is not only time-consuming but also costly.
The right thing to do is to hire a maintenance specialist for each property. These professionals or companies only charge a fraction of the rental income you get from your investment, so you can afford to have them on your payroll.
3. Tenants Are Always Calling You
It’s not a good sign when, as a landlord, you’re always receiving calls from your tenants. In a properly managed property, the landlord will rarely hear from the tenants.
You’re just about to start your day when a tenant calls about a faulty staircase or life. Or you’re going about your day when another tenant calls about faulty plumbing or an electrical fault.
It’s true that some repairs are inevitable. A rental unit, just like most assets, is vulnerable to the forces of wear and tear. Sometimes something will bring because it’s worn out and you just have to replace it.
In other cases, though, things will start breaking or stop working because they’ve been neglected. If you don’t do routine maintenance on your property, the inevitable consequence is endless calls from your tenants.
To stop those calls, of course, you need to make the needed repairs. However, to stop them for good, you need to hire a property maintenance specialist. Check out this guide here to learn how property maintenance services will benefit you.
4. A Tenant Has Been Injured on the Property
If there’s news a landlord never wants to receive, it’s the news of an injury on their property.
You see, under the law landlords have some responsibilities. One of these responsibilities is to provide a safe and healthy environment for tenants.
If a tenant sustains an injury because of a repair that you failed to make, you could be held liable. They can slap you with a costly lawsuit, and a lawsuit is the last thing you want.
So, if a tenant has been injured on your property, you’ve got big trouble on your hands. But take it as a call to hire a property maintenance manager. This professional will ensure your property is in good condition at all times, thus preventing tenant injuries.
5. Your Property Has High Vacancy Rates
As a real estate investor, you’re only earning a steady income if your unit or units are always occupied. If they’re vacant most of the time, you might end up in big financial trouble, especially if you have a mortgage to pay.
There are several reasons why a property can have high vacancy rates. Perhaps the unit is not aesthetically pleasing or you haven’t marketed it properly. Or a crime was committed in the unit and now no one wants to rent it.
It could also have a high vacancy rate because you’re always slacking on its maintenance. If a tenant keeps requesting you to make a certain repair but you fail to attend to it on time, they can be fed up with you and move out. They could even leave a negative online comment about your property, which will effectively turn off potential tenants.
Fix the problem by hiring a property maintenance service provider. A well-maintained property helps keep vacancy rates low.
Go Hire a Property Maintenance Service Provider
Property maintenance is one of your responsibilities as a landlord. You do it not just for the safety of your tenants, but also to keep the value of your asset. It’s a responsibility you can execute on your own, but in most cases, it’s advisable to hire a property maintenance service provider.
Keep tabs on our blog for more tips on property management.