Maintenance programs are necessary to keep your investment property in good condition, serve the needs of your tenant, and preserve the value of your asset. Today, we are discussing the value of these programs.
Property Management Fort Lauderdale: Acquisition
A good maintenance program starts at the time that the investor buys the property. At the time of acquisition, an investor should perform a good property inspection. Then, the investor knows about any deficiencies that need to be corrected and the amount of capital investment that needs to be added to the purchase price for a total investment amount. At this point, an investor also must estimate the expected life of each item. For example, the investor will need to know the expected life of a roof or the air conditioning unit, as well as every appliance and piece of equipment, including plumbing and the pool, if there’s one at the property. That way the investor can account for the amount of reserves that are necessary to put aside every year towards replacements.
Property Management Fort Lauderdale: Preventative Maintenance
An investor should put into place a preventative maintenance program. Every year, a visual inspection of property must be performed. Determine whether there are any issues or problems that need to be addressed before they become major problems. In Florida, it’s really important to maintain air conditioning units. Have it serviced once a year to extend the life of the equipment. Investors will also want to inspect water heaters. Flush them and inspect them for plumbing leaks and any other visual problems. Sometimes the tenant is not going to be aware of them. Caulk around bathrooms, windows, and doors every year. These minor things can save you money in the long term.
Property Management Fort Lauderdale: Corrective Maintenance
For corrective maintenance, an investor needs a list of qualified, licensed, and insured contractors to take care of any maintenance or issues at the property. It’s important to have access to those contractors right away, especially in emergency situations. Tenants need a number they can call 24 hours a day and 7 days a week, all year long to report major problems.
Maintenance programs start at acquisition. Do the whole thing, and be prepared for emergencies. With a good preventative maintenance program in place, repairs will be minimal, and that gives you a better return on your investment.
If you have any questions about maintenance or Fort Lauderdale property management, please contact us at Florida Property Management Services.