Property Managers and Landlords – Do you get unexpected calls about required maintenance needed on your property? Are you tired of having to deal with last-minute repairs?
There is a better way!
By setting up a preventative maintenance plan, you can plan for and tackle these projects, so it happens when you want them to. What is a preventative maintenance plan?
Essentially, it’s a strategy or timeline for regular maintenance for every inch of the property.
You want to start with the major components, such as appliances, electrical and plumbing systems. So, for example, let’s plan for the appliances: How old are the current appliances? What is the average usage life for that brand? The answers to these questions can help you determine a general range for when you’ll need to replace or fix them. Mark it on your list with the date range so you can plan for it. As you get closer to the date, make sure you have money set aside for new appliances but don’t buy anything until after you do an evaluation. Go to the property and look at their condition. If they are still in good shape, give it another year or so before replacing. Use that time to either allocate the saved money to a different project or keep it for when you need it in the year(s) to come. Does it just need a part replaced to get another 5 years out of it? Get it done!
You can follow this same format for the electrical & plumbing systems throughout the house. If you haven’t done an in-person evaluation or inspection for years, do so before you make these plans. It’s important to have a true understanding of their condition so you can make accurate plans.
Part of the plan above was to put money aside for these upcoming projects. How will you know how much you will need? Take the time now to estimate the costs. See what parts cost now, how much contractors are charging for completion of these projects, etc.
This is an estimate so don’t go crazy trying to get exact numbers. It’s just to help you understand what you can expect in upcoming costs.
Do you have several items that need attention? Prioritize them based on need and cost. Make your immediate plan based on that, then once you’ve made the repairs or updates, make the long-term plan for regular maintenance so you won’t have the same problem in the future. These long-term plans should start with one-year plans for all necessary, immediate projects. Then go 5-years out afterwards, and keep everything in that schedule. At the end of each year, determine what needs to be done in the next 12 months and what can wait for the next round based on a 5-year plan.
After reaching the end of this article, are you feeling overwhelmed? Or have you been thinking about becoming a real estate investor but worried about the property management responsibilities that will come with it? We may be able to help!
Contact our team by using the form below and we’ll get in touch with you to provide the resources and information you need to successfully manage your property