fbpx

How to tackle maintenance issues for your residential investment property

Rental property maintenance is essential to attracting quality tenants. While maintaining rental properties can be difficult, failing to take care of problems in a timely manner can be far costlier than the few hours it would have taken to address the issues initially.

When you’re operating larger commercial residential properties, it’s easy to get overwhelmed. This is particularly true if the property is older and has regular issues. That’s why it’s so important to have a good system in place for addressing maintenance requests.

In addition to potentially creating cash-flow issues, failing to maintain your property could result in legal issues. For example, if a tenant slips and falls on your property and is injured, you could be liable if it’s determined that the fall was due to a maintenance issue that you were aware of but failed to correct.

Laws vary by state, but all states have some laws in place to protect tenants against improper maintenance. As a landlord, it’s important to be familiar with the laws in your state so that you can avoid any potential legal problems.

Catch up on repairs

If your rental properties have suffered from neglect, there are a few things you can do to help correct the situation. First, you should develop a regular maintenance schedule and stick to it. Next, look at the property as a whole and identify any major issues that need to be addressed. These could be things like a leaky roof, broken windows, mold, or deteriorating plumbing. After you’ve identified the major problems, make a list of all the smaller repairs that need to be made.

When you have a list of all the necessary repairs, rank them in order of importance and cost. Next, create a budget that will help you tackle the necessary repairs.

Ideally, you should tackle safety and health issues first. You’ll also want to pay attention to updates and repairs that can affect the value of your property (like the foundation, roofing, plumbing, and pest control.)

After you’ve prioritized the necessary repairs, start tackling them one at a time.

Consider hiring a property management company

If staying organized and on schedule with maintenance is a problem because you have too much on your plate, you could hire a property management company to handle tenant relationships and repairs.

While property management companies do charge a fee, they can save you a lot of time and hassle in the long run. You’ll likely save money over time if you hire a trustworthy management company instead of tackling the work alone. If you decide to go this route, make sure to research different companies and ask for references before making your decision.

Sell your property to a cash buyer

If you’re struggling to keep up with repairs, and you don’t want to hire a property management company, another option is to sell your rental property. Selling your investment property might not be ideal, but it may be the best decision if you can’t afford the necessary repairs or if the property is costing you more money than it’s making.

If you do sell, look for a cash buyer who can close quickly. This will help you avoid any last-minute repairs that could eat into your profits. Choosing a buyer, like Brick, who purchases properties as-is can streamline the process so you can step away from the stress faster.

Investing in rental property can be a great way to generate income, but it’s important to remember that maintenance is key. By staying on top of repairs and taking care of your investment property, you’ll be able to attract quality tenants and keep your rental property in good condition for years to come.

If you’re ready to sell your commercial residential property that’s in need of a little TLC, reach out for a cash offer today.

Recent Articles

Why Investing in Rental Properties is still a Good Move

Investing in real estate is (typically) a long-term decision. Purchasing a multi-family residential property is a commitment. Fortunately, real estate tends to perform better as a long-term investment, so it’s a good fit for investors who want a reliable way to let their investments grow over time.

Get an offer on your home.

Address

When life closes a door, and you need to sell.

We buy homes at the speed of life. Request your offer today and lets build a solution that works for you.

Address

Further Reading

How We Determine the Price of Your Home

No matter how you sell your home, a few things factor into the ending listing price. Read on to find out how we determine what we’re going to offer you for your house if you choose to sell to brick.

Content on this site is not intended to create, and does not constitute, an attorney-client relationship between the user or any other person. The information provided should not be used as a substitute for competent legal advice from a lawyer whom user has retained. No content provided any User is intended to provide, and in no event shall it be treated as providing, legal advice.