Taking care of maintenance issues efficiently and affordably is important to you as a property owner and also to your tenants, who want to live in a house that is functional and cared for. Put together a rental property maintenance plan in Minneapolis, MN that will protect your property and respond to the needs of your tenants.
Choosing Good Vendors
Working with contractors is an essential part of owning rental property. It might be tempting to hire a cheap contractor so you can save money. This might work on one or two minor projects, but as a long term investor, you need to make smart decisions about who you hire. Look for professionals who are licensed and insured. Ask for liability insurance and workers compensation insurance. This will save you a lot of trouble and financial headaches. The risk in working with cheap, unlicensed contractors is not worth the money you save.
Nearly every rental property will eventually have a problem with appliances, roofing, plumbing, heating and air conditioning. Make sure you have relationships in place with vendors and contractors who can handle these issues.
The cornerstone of your maintenance plan should be preventative maintenance. Have the heating system checked every year. Minnesota winters are cold, which means our closed up homes can put us at risk of carbon monoxide poisoning. Have your filters changed regularly and get the air conditioning system serviced before your tenants start using it. You should have your property inspected at least once a year so you can see what might need to be replaced or repaired. Take a look at the roof as well as all the home’s systems.
You might get tenants who think every little thing is an emergency. Manage those expectations early. Let them know how to report different categories of maintenance that is needed, from emergency to routine. Talk to your tenants about how long repairs will take so they know what to expect. Keeping communication open and honest will help your tenants feel respected and they’ll know you take the maintenance needs of the property seriously.
Putting a maintenance plan in place will help you plan ahead for minor and major maintenance costs and issues. Establish relationships with licensed and insured contractors and schedule regular inspections at your property. Contact Residential Property Management, Inc. if you have any questions about how to handle maintenance.