Proper maintenance is critical to be successful as a Real Estate Investor. There are pitfalls to avoid in order to maintain your asset and maximize your income at the same time.
A common mistake property owners can do is to defer maintenance. In the end, these owners will have to face bigger issues and spend more to fix them.
Inspecting a property regularly and thoroughly allows to detecting problems very soon. In addition to that, it helps to assess the remaining life of the property’s components and plan for future expenses. You can use checklists to help you during your inspections.
Importance of contractors
The other important aspect is the choice of your contractors, they should always be licensed and insured. They also should carry a worker’s compensation insurance to protect their employees in case of an accident while working on your property.
A good practice to find contractors would be to build a network with relatives, friends, co-workers and refer these contractors to each other. It will help to create trust with them, they will appreciate the leads you send their way.
Don’t forget your tenant
Sometimes, property owners don’t realize that tenants can be allies to ensure proper maintenance. It is very important to implement a good communication with them. They can provide information on the property’s condition or tell you if something needs immediate attention.
In conclusion, you should take preventive maintenance very seriously, that’s a cornerstone in property management. You don’t want to pay double overtime for repairs…
Call PMI Sunshine State at 786 440 6157, we will be happy to assist you!