At 8:30 p.m., your tenant calls and says that the water is leaking very badly under the sink. Its 8:30 at night, your tenant calls and says the toilets stuck. Your 8:30 at night, your tenant calls and says that a window has just been crushed. Its 8:30 at night, your tenant calls and says the leaky ceilings. Your 8:30 at night, your tenant calls and says that the heat does not work. At 8:30 p.m., his tenant calls and says that the bedroom latch fell off.
What if a gutter is disconnected. It’s no big deal, when it rains, make sure you’re not underneath. Winter comes, where water hits the ground, begins to pick up and then freezes. Wow, somebody slips there and they demand you. Big problem. It pays to have a rental property management plan.
How about that outdoor porch that needs painting. It is not a big thing. Next year. Next year comes and goes and you saved $ 700 not to do it. Three years later you spend $ 2000 having the wood replaced because its for rotten. Big problem. It pays to have a property management plan.
You get the idea, if something breaks or routine maintenance – things need to fix and maintain. A good rental property management plan helps ensure easy and cost-effective multifamily property investment.
There are three main factors to a good rental property management plan. Knowing who is responsible for managing property maintenance, who will fix things and when things will be fixed are the three main factors. Having a game plan for these three things is vital to maintaining your rentals. These three factors should be addressed and included in the lease. This ensures that the tenant knows in advance what to expect when things need repair or maintenance.
Let’s start with who will be responsible for managing your rental property. Seventeen years of renting experience has taught me that knowing that another will be better than the owner of the property for being responsible for the maintenance management of their rental units. So the most profitable rental property management plan has the owner doing the management.
Before you say, oh God, what a nightmare rental property management is, let me say that I have learned and you too can, how to make property management simple and cost effective.
In fact, for those who understand and implement a sound rental management plan correctly and continue to invest wisely in the cash flow residential multifamily properties you will find that your hourly payment time for managing your rental properties is very lucrative.
Needless to say, personally, I strongly advise against hiring a management company for residential rental property.
Does it allow the address that will be fixing the broken items or doing the necessary maintenance?
You, the owner, your payroll help, a contracted handyman, who is going to actually do the physical work to set up and maintain your rental units. Why is it important that this is part of your rental property management plan?
Well, what you do not want to have every time something needs to be repaired becomes a costly stressful headache.
By knowing who will do the repairs ahead of time, through your rental maintenance plan, eliminate two potential problems.
One, when a problem occurs, its somewhat prepared having developed a contact list ahead of time. Secondly, being prepared like this greatly reduces stress and makes managing your rental property easy.
We hope you see the importance of knowing in advance who is responsible and who will be doing the maintenance work.
Later on, I’ll tell you the third important key to a cost-effective, easy-to-implement rental property management plan.
Some additional things to consider in relation to rental property management. If your just starting out and you buy a multifamily house, and its a hand in kind person you may want to do as much maintenance and repairs as possible.
If you continue to continue investing in multifamily homes you will actually find the physical maintenance of your income properties to heavy.
Understand that managing rental properties and doing physical work are two different things.
If you decide to hire a maintenance man or handyman to do the maintenance, ask at the local hardware stores for referrals or ask people at a house deposit or Lowes.