Property maintenance services in rental property business is a crucial part. This will lead to the level of satisfactory of your renters or guest. Guest experience is the most important of all. Your guests might write bad reviews about you if they don’t like your place. This is sure to make you lose. It will have an effect on the reputation of your property.
As a property owner and manager, you have a lot to do with managing your business operations. From hosting guests, collecting rent to facilitating repairs. Also make sure to keep your rental home in good shape by having property maintenance services to keep its value high and keep your guests safe.
Here, we’ll explain why it’s important to keep property maintenance services a priority. Besides that, we also give you some good tips, checklists and how to estimate your home maintenance service cost. You will know how to make your rental business run more smoothly so that you can serve the best experience.
Reasons Why Property Maintenance Services is Vital
Increase The Value:
It will be worth more or have more value if the property is well taken care of and kept up.
This is because your rental home will be a lot more popular and your renters will be happier as a result. Another thing that will hurt the value and rental price of your rental home is if you don’t do enough to keep it in good shape.
Satisfactory Guest Experience:
Imagine if a dissatisfied renter makes a complaint against your home and you cannot provide the best service. This will reduce renters satisfaction with your property.
Poor property maintenance services and equipment will result in disgruntled guest experience. This can lead to negative reviews on your rental property page or online travel agent (OTA)
It can save money by reducing risk, extending the life of equipment and inventory, and allowing your team to focus on providing a better level of service.
For example, you have problems that you didn’t expect. It could be that there is a risk of flooding, fire, or some other kind of mistake. With a good property maintenance services plan, problems like this will cut your losses and keep you from going bankrupt.
How to Estimate Property Maintenance Services Cost
To develop a financial plan to estimate the cost of maintaining a rental property, you can follow some of these following rules of thumb by Homee. Although there are different approaches, each rule produces the same number and goal. That is, to make sure that you have enough money set aside for things like routine maintenance and unexpected things that happen.
Some key rules to consider, depending on your home type, include:
The 50% Rule
You should set aside half of your rental income each month. You will need to pay for things like repair and maintenance costs, taxes, insurance, and other things related to your rental property maintenance services
The 1% Rule
Maintenance will cost about 1% of the value of the home each year. So, if a home is worth $250,000, then it will cost about $2,500 to keep it in good condition.
Square Footage Rule
Annual maintenance costs should be budgeted at $1 per square foot. For example, the annual maintenance charges for a 2,000 square-foot rental are $2,000 per year.
The formula above is a good way to figure out how much money you should set aside. Keep in mind that you may not use the whole budget, and instead choose to use the extra money for big repairs or upgrades in the next year or years.
Rental Property Maintenance Checklist
In general, property owners or managers usually do the following property maintenance service’s list to take care of their rental home:
- Maintain cleanliness in all rooms, particularly the entrance or front room. because it is critical to make a positive impression on guests in order to preserve the guest experience,
- Keep mechanical systems, such as heating and cooling, electricity, and plumbing, in good working order,
- Make sure all kitchen utensils are complete, neatly arranged and in good condition
- Always make sure your property’s wifi or internet connection is working properly. If a complaint or a problem arises, address it as quickly as feasible,
- Roofs, attics, pathways, and driveways should all be maintained,
- Any pest or pest attack should be dealt with as quickly as possible,
- Keep the common areas of the multifamily property clean and well-maintained,
- To contribute in providing a safe living environment, provide smoke, carbon dioxide, and radon detectors (in specific geographic locations),
- Respond to repair requests immediately and complete fixes such as HVAC issues, pipe blockages or leaks, safety issues such as broken locks, or mold issues,
- Regularly inspect the exterior and inside to track typical wear and tear and spot minor issues before they become serious ones.
Tips for Property Maintenance During Pandemic
Despite the fact that the pandemic appears to be decreasing and the public distribution of the COVID-19 vaccine has begun, keeping health protocols is critical for increasing the level of maintenance of your rental property and preventing the spread of COVID-19.
Here are some suggestions for keeping your home safe during the pandemic:
- Perform scale inspections on a regular basis. Some of your rental property management systems can be divided into weekly and monthly scheduling categories.
- Make sure you have a procedure in place to handle requests for online maintenance.
- Maintain social distance when performing maintenance or inspections on your home
- Determine which repairs on a rental property are critical and which are not.
Ready to maintain your rental property and get maximum occupancy? Visit our page HERE, to learn more about how Bukit Vista can help manage rental property maintenance services for your unique properties in the best condition.