Rental property is a profitable business. Landlords average $97,000 a year, a large step above the U.S. median of $60,000. A real estate investment trust (REIT) can see a near 11% return on investment (ROI).
But rental property mismanagement can eat into those incomes and ROIs. Neglecting rental property maintenance to save short-term money can result in long-term losses.
Your problems will be endless without the right property management services. You can expect high tenant turnover, high maintenance costs, and constant legal battles.
Do you want to avoid these issues and learn about rental property maintenance? Read on for a quick guide.
Why Is Rental Property Maintenance Important?
Slacking on property maintenance services can cost time, money, and tenants. Landlords and property owners can have legal battles in criminal and civil courts. They may face action from local to federal level government officials.
Tenants may make their own rental property repairs if they aren't fixed in a reasonable time. The tenants can then deduct the repair costs from their rent.
Other laws allow tenants to sue. They may break their lease and move out without legal notice. Tenants may contact public inspectors to report hazards from needed rental property repairs.
Landlords who run Section 8 can face federal penalties for public housing neglect. This can include fines and bans from further federal employment.
Your property maintenance issues should be few. Your tenants’ safety and happiness should be high. This will help you avoid extra expenses, conflicts, and legal struggles.
What Rental Property Maintenance Is Your Responsibility?
Rental property maintenance laws can vary by state and city. A rental property maintenance checklist is a handy tool. You can keep track of your and your tenant's maintenance responsibilities.
Some basic landlord rental property maintenance duties include:
- Working plumbing, gas, and electric systems free of hazards
- Weather-proof exteriors without leaks
- Interior living space free of pests and infestations
- Flooring, stairs, and walkways without tripping or slipping hazards
- Common areas maintained and free of garbage
- Working cooling and heating systems
It is also the landlord’s responsibility to make timely rental property repairs. The reasonable response time for rental property repair can vary. It depends on the repair issue and your local city, county, and state laws.
California state law states property maintenance repairs must meet a “reasonable time.” Reasonable is generally 30 days for non-emergency issues.
Within California, Sacramento County has substandard housing complaint codes by priority or non-priority. Priority issues include collapsed ceilings and sewage backups. The reasonable response time is 72hrs.
Regular rental property maintenance and repairs is a full-time job. Landlords should establish rental property maintenance services.
Property Management Services
Rental property maintenance never stops. You might not have the time, resources, and expertise to handle everything on your own.
Some landlords and investors have many properties or live out of their property area. You may need maintenance staff or a property management company in those cases. Rental property management companies have many added advantages.
Rental property management companies can handle administrative duties too. Besides maintenance, they may also screen your tenants and collect rent. They can handle tenant complaints and communication and conduct inspections for you.
A reputable company already has expertise in rental property maintenance and tenant management. They can save you from added stress. They may even save you more money in the long run.
Managing Your Rental Properties
Rental property maintenance isn’t a property management service you want to neglect. Mismanaged property is one of the top mistakes investors and landlords can make.
To sidestep the stress and learn more about rental property maintenance services, contact us today.