Real estate is a well-known source of passive income and a money spinner for some of the world's wealthiest people.
Yet, the money you earn from your property investment can seem far from passive at times, especially when you receive a call for assistance with emergency maintenance at 1 a.m.
Preventive maintenance can help you avoid this issue and many more, and it all starts with setting up a maintenance plan for your property.
Effective property maintenance management hinges on several important factors. Keep reading to discover them all.
Set Up an Inspection Plan
Many aspects of a rental property need regular check-ins and routine care. These things include heating, plumbing, roofing, siding, wiring, lighting, and more.
Compile a list of everything you can think of that falls into this category. From this, you can create a maintenance checklist that you can take with you when you perform rental property inspections.
Be sure to include even the most minor details. These bi-annual inspections are the only opportunity you'll get to go through the home in detail unless your property is vacant.
Remember, under California law, you must give your tenant 24-hour written notice of your intention to enter a rental unit.
Schedule Routine Maintenance Tasks
Routine maintenance is critical for ensuring your property retains its value and helps you avoid unnecessary repairs. Delegation, time management, and effective record-keeping are vital for staying up-to-date with these maintenance tasks.
Some of the things that fall into this category include:
- Dryer vent cleaning
- HVAC vent cleaning
- Fire and CO2 alarm inspections
- Recharging fire extinguishers
- Cleaning gutters
- Sealing windows and doors
- Pest control measures
- Winterizing pools and other equipment
Where applicable, consult your owner's manuals and make notes about how often they require preventive maintenance. In other cases, you can ask for expert advice on when to perform tasks like gutter cleaning.
Don't neglect the outside of your property in the planning stage. Your property's curb appeal can have a major impact on whether you attract tenants.
So, be sure to include the following tasks:
- Lawn care
- Power washing walls
- Window washing
- Inspections of security gates, FOB systems, and codes
- Balcony inspections
- Tree trimming
Using a calendar and a spreadsheet can simplify these tasks and allow you to combine a few tasks into one visit.
You should also consider investing in property management software to help you keep track of it all. Otherwise, hire a property manager if you'd like to take steps toward earning truly passive income.
Embrace Professional Property Maintenance Management
Doing the preliminary planning for routine maintenance tasks is time-consuming and arduous. Completing the work will take even longer.
Delegating these tasks to a property manager is the most effective way for most landlords to get it all done.
Income Property Advisors Inc. offers a full range of property maintenance management services. We will attend to all the necessary property inspections, maintenance, and marketing.
If preferred, we can assist with stand-alone leasing and placement services. Get in touch to discuss a tailor-made package to suit your San Diego investment property needs.