Is your rental maintenance strategy effective?
Smart landlords and property managers know how much regular value maintenance adds to a property. They don’t view it as a burdensome expense but rather a necessary investment.
The reason for this is that a well-maintained property will attract better tenants and help you increase profit margins. But since property maintenance can become rather time-consuming and costly if not managed correctly, we guide you through how you can use Antslabor to create an effective maintenance strategy.
Record Everything
Initially, when developing your effective maintenance strategy, you will need to complete the onboarding process. During this process, you’ll be able to create a checklist of any component that requires maintenance on the property, whether they’re in good repair or currently need repair.
While onboarding your property's maintenance report, you should focus on dividing your properties into different categories in addition to segmenting maintenance by quarters or seasons. Segmenting maintenance into seasonal tasks makes it easier to track and can reduce the amount you spend on maintenance significantly. For example, if you conduct winter repairs in the preceding season, you will not fall victim to the seasonal price fluctuations.
Update Information
Once you have onboarded all your properties onto the system, you should focus on updating the information every month. Start the process with the rental properties you haven't inspected in a while. You can ask tenants to give you time to inspect these properties so the information on the maintenance report is up to date. Following this, you should focus on any potentially costly maintenance. This should include facets of your properties that – if not rectified immediately – could end up costing you thousands in repairs.
From then on, you can set quarterly reminders of required maintenance, so you stay on top of your maintenance budget.
Analyze The Data
To ensure you never become overwhelmed with maintenance costs, you should also analyze data periodically. You can do this quarterly or annually depending on how many properties you're managing. A good rule of thumb is that maintenance costs should not exceed 1% of the property's value annually. This means when evaluating the data, you can determine whether your properties are exceeding this figure and, if so, create strategies that allow you to reduce your annual maintenance. By analyzing data, you can also determine whether tenants are keeping the property in good repair. If not you can consider creating an agreement that stipulates what tenants are required to do to reasonably keep the property in good repair. However, data remains a critical component to reducing your cost of maintenance and identifying your problem areas so they can be fixed.
All-in-all using software like Antslabor allows you to conduct all these aspects in a fraction of the time that you would on other systems or doing it manually that’s why smart landlords and property managers use the system.
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