One of the biggest you face as a homeowner is repair and maintenance. This is especially true for your rental property. Proper maintenance and timely repairs not only preserve the value of your property but also go a long way in keeping your tenants happy.
Many landlords ask us how much they should set aside for the maintenance. In our experience, we would say between 7-15% depending on the age of the property and if it’s a condo or a single family home. Single family homes obviously have more maintenance than condos. Here are some tips to keep in mind when dealing with maintenance issues.
1. Have quality vendors in your team
This is a crucial responsibility that your team should give to handymen or contractors that are licensed, insured and very reliable in completing the job. Vendors must be carefully vetted and chosen. Check their license, insurance, experience, and overall feedback from their other clients. One thing to consider is choosing a vendor near the property so they can easily diagnose and fix the issues your tenants are having more efficiently.
2. Choose to select the services of specialists
Different properties have varying features and amenities which require repair and maintenance from time to time. Such specialists include air conditioning specialists, HVAC, plumbers, etc. Often times, landlords are in dire need of specialists who can fix issues with roof or pipe leakage. You need to deploy the professional with the right skills and long experience to handle a particular problem so that he makes the correct diagnosis quickly and fixes the problem in a satisfactory manner. This is one way of protecting your rental property.
3. Pay in accordance to the service being provided or market rate
Most landlords who have rental property do not usually live in the same city. This is where the importance of hiring reliable and honest handymen comes into picture. Make sure you are paying money according to the quality of labor and the quality of materials that are replaced by the vendor and not more. The better the relationship you build with these vendors the more likely it is that your bills from them won’t be inflated or fudged. This is where having a great property management company is crucial. The help the management company provides is unmatched experience that the landlord can take a shortcut and learn from. Property management companies already have a network of reliable vendors that can be beneficial to you as a landlord because of the discounts vendors provide for giving them bulk repair jobs. This is how you can save your hard earned money and also get quality work from a vendor.
By ensuring timely repairs and periodic maintenance of your rental property in Los Angeles, you can preserve its value. You also earn the respect and confidence of your tenants in this manner. What better way to increase the market value of your rental property than to ensure the quality of your property.
Jesse Sasomsup is the President of Earnest Homes, one of the most highly rated property management companies in Los Angeles.