If you own a rental property, it's a necessary evil to perform repairs and maintenance on a residential or commercial space. However, maybe you're too busy with other endeavours or you're a long-distance property owner.
The best solution is to hire a property management company. To start, IKO Community Management examines the most common repairs that most owners don’t want to worry about:
- Squeaky floors. It doesn’t seem that bad, right? Wrong. Whether they chalk it up to the property’s old age or long standing structural issues, many renters take squeaky floors as a major red flag. It's most likely a little settling in the wood, but it’s just as likely that the average renter won’t see it that way.
- Uncaulked sinks and tubs. When you purchase a hotel room and see uncaulked hardware in the bathroom, you probably don’t have positive first thoughts. The same idea goes for rental properties. Non-caulked sinks and tubs are a major turnoff for potential tenants, and they can cause serious plumbing issues in the future.
- Holes in the drywall. Somehow, rental properties accumulate random holes in the wall. From the size of a pushpin to a fist, neither is a good look to potential tenants. A property management company can find the best local contractor to fix it up, so you don't have to worry about researching and scheduling the most reputable companies.
- Leaky pipes. Not only are leaky pipes unattractive, but they're also a catalyst for a slew of costly problems in the future. (Think about water temperature change, floor deterioration, and clogs.)
Get ahead of the game, and hire a PM to find a reputable contractor who will check on your rental property’s plumbing regularly. This is especially helpful if your space is in a colder climate or an area with drastic seasonal weather shifts.
- Faulty appliances. If you're renting out a condominium or other residential property, it's important that the appliances work. Some issues, like a burnt-out light bulb or a smoke detector with dead batteries, can be handled directly by a property manager.
- Bug infestation. While not necessarily a repair, this problem is a huge issue for tenants. If your property has a known history of bedbugs, termites, or cockroaches, it’s likely that word will get around between potential tenants.
To solve this issue, hire a pest management specialist to get rid of the immediate problem, then call your property manager to educate potential tenants about the precautions taken.
- Old decorating. Many people have a problem with worn-in carpets and peeling wallpaper in rental properties. It’s not an issue of style preference, but an issue of feeling brand-new, even if the property has been previously rented out. If landlords don’t take the hint and redecorate (or spruce up the existing décor), it could cost you a good tenant.
So, where does a property management company come in? IKO Community Management gave a few specific examples, but overall, a property manager can perform regular building maintenance (or hire someone to) before these issues become too serious.
They can also budget for repair and replacement costs, as well as charge tenants, if they're at fault for that broken appliance or giant hole in the wall. Nearby PMs can also be present during contractor visits to monitor the maintenance check-up and subsequent charges.
If you have a property management company in mind to tackle these common repairs, download IKO’s Property Manager Evaluation by clicking on the button below. We'll help you make sure that they work best with your property before you commit: