How to Avoid an Investment Property Disaster
If you own an investment property and plan on managing it yourself, it’s important to know things can get stressful and issues need to be solved at inconvenient times. But it’s your responsibility as the property owner/manager to take care of your investment and the tenants who occupy it.
Of course, it’s the goal of every rental property owner to maximize the ROI of their investment. But failing to follow basic property management protocol can put you in a precarious situation. In this blog, we’ll discuss 4 things you can do to reduce the risk of disasters from happening with your investment property.
Make Sure the Property is in Good Shape
Have you ever noticed when a home or object looks nice/valuable, people are more likely to go out of their way to keep it like that? For example, if you hand someone a valuable trading card, they’ll make sure not to scratch it and decrease its value. If they’re handed a beat-up card, they won’t treat it with the same respect. If they drop or scratch it, they won’t think twice about the way they’re handling the card.
The same concept goes for renting out investment homes. We’re not saying that the rental home has to be a massive and luxurious space, but keeping it in good shape is important. Make sure the floors are in good condition, paint covers any scratches on the walls, leaks from the ceiling and appliances are repaired, and stains are removed from surfaces. Of course, there’s more to consider than this, but a property that’s in tip-top shape from the get-go sends a message to the renter that this is how the home needs to stay.
Have Plumbing Fixtures and Valves Changed
One of the most time-consuming issues to resolve is water and plumbing problems. It’s important to hire a professional to come out and inspect plumbing valves, supply lines, faucets, toilets, and washer/dryer hoses. If they haven’t been changed in years, it might be a good time to replace them. Make sure the main water shut-off valve works and the tenant knows where it is.
You might be thinking these expenses are costly. But investing in these things upfront lowers the risk of problems in the future.
Repair Broken Items
It’s important to repair things as soon as possible. Features such as water, gas, or electric need immediate attention. Broken appliances might take a couple of days or a week. Consistent, friendly communication with the tenant shows their problem is at the top of your priority list. Failing to communicate will leave the tenant in the dark and potentially lead to a poor relationship. At the end of the day, your tenants will be much happier when repairs are made in a timely manner and you keep them informed about the status of things.
Treat Tenants with Respect
One of the most effective ways to show tenants respect is to demonstrate that the issues with their homes are important. Be timely and friendly, no matter what the tenant’s tone. If you’re calm and show an interest to get the problem resolved, the attitude of the tenant can turn around. The expression “cooler heads prevail” will help you handle difficult situations. Whether it’s with the home itself, or disgruntled tenants.
It’s essential to develop a good rapport with tenants because it could mean the difference between them staying or having a vacancy in the rental home.
Reed Property Management
Properly managing an investment property (or properties) can be hard work and time-consuming. Attempting to do this on top of everyday life can be extremely stressful and tiresome.
Reed Property Management has the knowledge and experience to effectively manage your properties, which will help seamlessly maximize the ROI. If you’re looking for a reputable property management company to take the load off of your shoulders, contact Reed Property Management today!