It is estimated that 44.1 million American households are renters. This number shows no signs of slowing, with property in demand all over the country. So how can you benefit from the boom?
One way is by keeping good tenants in your home and that means maintaining a quality property. Below, we give our essential property maintenance tips.
1. Get Professional Repairs
It can be tempting to do repairs yourself. Experts and professionals are expensive, so it is understandable. Once you hire one for plumbing, one to fix HVAC systems, roofers, and more, the price mounts up.
The problem with doing repairs yourself is that unless you are qualified, they tend to be half jobs. They soon break again or go wrong, meaning you have wasted time and money. Make sure you get an expert company or individual to assist you and avoid this false economy.
2. Check Possible Tenants
An empty property is a wasted income, so it stands to reason you want to get the tenants in quickly. However, the wrong type can cause more problems than they are worth. Thus, it pays to take your time to vet possible tenants thoroughly.
Organize a professional screening process. Get references from previous landlords and check they have had no evictions for dubious reasons. You may also wish to ask for proof of income so you know they can afford the rent and bills.
Try to invest in tenants you currently have to make them stay or to attract a better clientele. You may open a tenant portal, or offer to upgrade certain elements after they have been in the property for a given time.
3. Do Regular Rental Property Inspections
Regular rental property inspections are important both for you and the tenant. As a landlord, they let you see if the client is looking after the property and view any possible repairs that may need doing. For the client, it gives them time to inform you of any issues or problems they may be having.
There are rules about how and when you can do property inspections. Check the guidelines in your local area and let the tenant know well in advance.
4. Perform a Regular Rental Analysis
A regular rental analysis allows you to check the prices of comparable properties in the local area. If you price too high, you won't get tenants or may have current ones move out. Price too low and you won't get the revenue you need.
You can't suddenly hike up rents, but if prices do go up most tenants will be happy to accept increases if they are still getting a good deal. A rental analysis done every six months will let you get this right.
Get Assistance With Property Maintenance
Property maintenance is no easy task, especially when balanced against work and home life. In some cases, it is easier to have multiple properties and do the job full-time, rather than manage one or two with other commitments. However, you can get help.
Income Property Advisors have a range of services for landlords in the San Diego area. From management to investment, we can guide you on your property journey. Contact us here and speak with one of our expert staff today.