03/20/2023
Rental Property Maintenance – Keeping Both Tenants and Investors Satisfied
We recently took on 24 units from a previous owner who, lets just say, neglected, the units. We were aware going in that it was going to be an uphill battle, but figured with a disciplined plan and ex*****on of our standards, we could get it humming smoothly.
The leases we inherited required the tenant to be responsible for changing their own furnace filters. In my experience, this is a recipe for disaster. And it was. The no heat calls flooded in as the cold descended. Every trip out resulted in a few switch and sensor replacements, a motor, a blower fan, whatever. But it also came back with a picture. The dirtiest furnace filters imaginable. The downstream overheating effects of this reduced airflow were seriously chunking away at the bottom line. Not to mention, and most importantly, now there were tenants without heat in the middle of a Buffalo winter. The moral of that story? Regular and preventative maintenance are important. Let’s discuss:
1) You need to be performing regular inspections. We advocate for a minimum of 24 hour notice to the tenant, and out it in our leases. Unless its an emergency, of course. What regular means to you is dependent on time and resources, but a minimum of once every six months is a baseline. This is a time to perform preventative maintenance, check for safety fail points, and address tenant concerns. Listening and attending to the small details and repairs the tenant requests is a huge component of tenant happiness.
2) Address repairs in a timely fashion. Don’t let a leak linger. If a tenant logs a complaint, get someone knowledgeable out there to put their eyes on it. Don’t let the tenants explanation of the issue guide the repair. They may not have any idea what they are talking about, and that’s ok, because its your job and not theirs.
3) Speaking of safety – check to make sure the smoke and fire alarms are operational. Check to make sure all handrails are secure. Make sure all of the fire exits are clear. Make sure there aren’t any combustibles near heating units. Fix any broken or loose stairs.
4) Make sure there isn’t any obvious loose or chipping paint.
5) If there is a basement, you want to keep it as dry as possible. Consider installing a sump pump, using hydraulic cement in cracks in the foundation, or maybe it can be covered in drylok paint. This list is far from all encompassing, and if it is a continual issue, an expert should be called in to assess.
