Tips on Maintaining Rental Property When Investing
By [http://ezinearticles.com/?expert=Ethan_Lumsden]Ethan Lumsden
Maintaining rental property is incredibly important. Studies have revealed that the number one reason tenants renew their lease is because it continues to be maintained well! Tenants tend to terminate their leases when things are left to get worse or they were ignored. You are able to do yourself a huge good deed by being very attentive to complaints. Fix things yourself, or rent the work out!
Take into consideration what takes place in your own personal home when something goes wrong. Odds are probably good that you simply phone in a renovation or repair man right away. Dealing with something like cold water, clogged plumbing, and other problems are definitely no fun when maintaining rental property!
Now, put yourself in your renter's shoes. They have got to depend on you to get these things repaired! Don't leave them waiting longer than they should to have things taken care of.
There are a few standards you should pursue when it comes to maintaining rental property. First, you need to be prepared. Paying attention to details and taking defensive measures can go a long way.
Within your lease, you must have some language that details how long tenants should expect a repair to get handled. In most cases, a work order needs to be responded to within 24 hours at the most. If it is going to take longer than that, the tenant should be contacted right away to let them recognize that everything is being handled.
Should you get a work order, you'll need to make 2 copies of it. The 1st needs to be filed in the tenant's file. The 2nd should be placed in a separate file that contains all work orders you are given. This will assist to keep you organized. It will even assist you to if you ever need to look the work order up within the future.
Renters should always have an emergency number they could get in touch with. If something like a pipeline bursts, you will no doubt need to know about it straight away! Or else, the unit may become very damaged.
Some landlords choose to do the maintaining rental property themselves. Though, if you're not handy or sense like you have a lot of other obligations, then you'll need to establish an account with service companies like plumbers and electricians. It is possible to notify them straight away and never have to deal with anything above and beyond having to pay the bill!
There is a fine line in terms of things that break through no fault of anyone or through tenant carelessness. You have to use your discretion to determine whether or not you can charge the occupant anything for the repair.
It can't be thought enough that maintaining rental property is key when you aim to save cash and time. Take care of things as soon as you know about them. Letting them deteriorate will just lead to unhappy renters and a bigger bill down the line.
Whether you select to do a good deal of the maintenance yourself or hire it out, it will be something you need to have developed ahead of time. Not doing so is going to eat into your bottom line, as it may cost more to fix in the future. It will also cause tenants to become dejected because they need issues to be taken care of right away.
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Article Source: [http://EzineArticles.com/?Tips-on-Maintaining-Rental-Property-When-Investing&id=7003147] Tips on Maintaining Rental Property When Investing