A rental property will not enjoy long term tenant retention and acceptable return on investment unless it is maintained properly. This involves:
- preventive and ongoing maintenance;
- repairs to correct problems or malfunctions; and
- construction and remodel
Preventive and ongoing maintenance to rental properties requires a thorough knowledge of the property, its needs for upkeep, staffing required to accomplish the tasks and budgeting to accomplish them.
The real estate property manager must balance the costs of routine and preventive maintenance with the benefits and desired results. Line items on a property manager’s routine maintenance list might include:
- cleaning of common areas;
- landscape maintenance;
- regular service to heating and air conditioning systems;
- periodic inspection of plumbing and electrical items; or
- proper upkeep of wood, roofing & other building components
Repairs and corrective actions are required when things break or cease to function as intended. Sometimes the repair is of an emergency nature, such as a heating malfunction in winter, while at other times these repairs can be scheduled and done efficiently in groups. It is the responsibility of the property manager to know the difference and to serve the needs of the tenants while balancing costs. It’s also important to take care of small problems before they become large ones.
Construction and remodel are a part of facility and building maintenance. Remodel or construction of the structure might be required:
A real estate property manager can be very skilled at all the other functions of management, but if they drop the ball when it comes to facility maintenance, the property will experience a degradation of condition, loss of tenants, and declining rents.