Rental property maintenance tips
Becoming a landlord can be a great way to achieve financial security and free your time to do other things you love. But to succeed, you do need to treat your property investment as a business. That means making sure you offer a great product that customers want while keeping control over your costs. Key to this, of course, is how you manage the maintenance of your properties. At QuickLets Cyprus we have the experience of working with hundreds of landlords and we’re happy to share some of the things we’ve learnt along the way right here.
Maintenance starts with the right tenants
This may sound obvious but the amount you will need to spend maintaining your property does depend to a significant extent on the people who are living in it. Good quality long term tenants definitely means fewer maintenance concerns and expenditure. Finding the best possible tenants could take a little more time, especially if you are trying to rent out the property by yourself, but it will save you money in the long run.
Another important factor that you need to think about at the outset is the need for clear communication between you and your tenants so that everybody knows the rules. Of course, it is always important to be friendly and welcoming to tenants but equally you need to be clear about what is and isn’t acceptable. It is also important to make sure that the lease agreement you sign with your tenants protects you properly so make sure this is drawn up by a professional. In this way everyone will know their rights and responsibilities thus reducing the risk of problems further down the line. Being clear with tenants from day one can end up saving you a lot of time, hassle and money on repairs and maintenance later.
Choosing the right materials
How much you end up spending on maintenance also depends on how your property is finished and decorated. It’s vital that tenants feel welcome and at home but think carefully about the products and materials as well as fixtures and fittings you choose to achieve this, making sure you retain a balance between cost and durability. Selecting the right countertops for your kitchen and the right material for the flooring are two of the most critical decisions you will need to take as they will be subject to a lot of use.
Be disciplined about regular inspections and maintenance
Once a tenant has moved into your property it might be tempting to sit back, relax and enjoy the income coming in. Over time, however, it’s inevitable that wear and tear will start to take its toll, even if you do have the best tenants possible. Make sure that the property is inspected regularly, as set out in your lease agreement, and plan to carry out regular maintenance to prolong the life of appliances as much as possible to avoid any sudden, nasty, and expensive surprises.
React quickly to the concerns of tenants
As a landlord you are responsible for ensuring that the property you rent out is safe to live in and that all the relevant regulations are being observed. If a tenant expresses a concern, it is very important that you take this seriously and react promptly. There are several reasons for this. Firstly, it will show the tenant that you are committed to fulfilling your responsibilities and this will encourage them to do likewise going forward. Secondly, dealing with potential problems quickly often means that they can be solved more easily and at less expense. To be responsive you need to plan ahead. If you are time pressed it may be worth engaging the services of a property manager who can handle these issues for you. It’s also important to set some money aside so that you have an emergency fund available for any repairs that need to be carried out quickly. When dealing with maintenance and repairs, it is also important to be smart. If something needs to be completely overhauled, it might be worth getting it done at the first opportunity rather than patching things up. In the long run, quick fixes do tend to end up costing more.
Work with good people
As a landlord you’ll regularly be needing the services of various trades such as plumbers and electricians as well as painters and decorators. While it might be tempting to focus solely on price, it makes sense to take a little time to find people who not only offer a fair deal but are also professional and efficient. There’s no point engaging the cheapest plumber you can find if he or she never shows up when needed or always makes a mess of the repair job. Keep in mind that you are likely to have a long-term business relationship with these tradespeople so making sure they understand your requirements and can deliver a service to the standards you need is vital. This might not necessarily save you money on specific repairs, but it will save you a lot of time, time during which your property can continue to be rented out. Choosing the right partners for your business also applies to selecting a property manager and a letting agent as both can have a significant impact on how much time and money you spend maintaining your property.
Making the most of your property investment
The life of a landlord can be a very rewarding one, but success requires planning and discipline. Finding the right property in the right location is just the start. Maintaining your property well is what will guarantee long term returns on your investment. If you plan properly, this need not be a huge headache, enabling you to manage costs and protect your profits. If you are thinking about investing in property to rent, make sure you speak to experts you can trust beforehand so that you have all the information you need. At QuickLets Cyprus, our nine specialist letting agents are always willing to discuss opportunities and offer clear advice on the best way forward for investors. Get in touch through our website at https://www.quicklets.com.cy/ to find out more.